(QQQX) Global X Nasdaq-100 Index - Ratings and Ratios

The Global X Nasdaq-100 Index ETF CAD, ticker symbol QQQX, is an exchange-traded fund designed to track the performance of the Nasdaq-100 Index, comprising 100 of the largest non-financial domestic and international companies listed on the Nasdaq stock market. This ETF offers Canadian investors exposure to a diversified portfolio of tech-heavy Nasdaq-100 constituents, providing a gateway to the US equity market.

QQQX is managed to replicate the Nasdaq-100 Indexs performance as closely as possible, net of expenses. The Nasdaq-100 Index is a market-capitalization-weighted index that includes companies across various sectors, with a significant bias towards technology and growth-oriented businesses. The funds investment objective is to provide investors with a low-cost, efficient means of accessing the Nasdaq-100 Indexs performance.

From a technical analysis perspective, the current price of QQQX is 30.62 CAD, with short-term and long-term moving averages indicating a potential trend reversal. The 20-day simple moving average (SMA20) is 29.13, while the 50-day simple moving average (SMA50) is 29.96, suggesting a recent uptrend. However, the 200-day simple moving average (SMA200) is 30.94, indicating that the ETF is currently trading below its long-term average. The average true range (ATR) is 0.93, representing a 3.03% daily price fluctuation. Given these technical indicators, a potential trading range can be established, with support around 29.00 and resistance near 32.00.

Fundamentally, QQQX has assets under management (AUM) of 282.13 million CAD, indicating a moderate level of investor interest. The ETFs expense ratio and trading volume are essential factors to consider when evaluating its overall cost and liquidity. As the Nasdaq-100 Index continues to be driven by the performance of its constituent tech giants, QQQX is likely to be influenced by the overall direction of the technology sector.

Forecasting the future performance of QQQX requires a combination of technical and fundamental analysis. Based on the current technical indicators, a potential price target for QQQX could be 32.50 CAD, representing a 6% increase from the current price. However, this target is contingent upon the ETFs ability to break through its current resistance level and maintain an upward trend. From a fundamental perspective, the ongoing growth of the technology sector and the Nasdaq-100 Indexs constituent companies are likely to drive QQQXs performance. Assuming the Nasdaq-100 Index continues to grow, QQQX is likely to follow suit, potentially reaching new 52-week highs. A potential price forecast could be: a 10% increase in the next 6 months, driven by a combination of technical and fundamental factors.