QQQ weekly consolidation confirmed
Context:
weekly - downtrend (DT)
daily - uptrend (UT)
Last day:
Price broke previous week low, signaling start of weekly consolidation. Value is overlapping with the previous day.
Conclusion:
Market looks very bearish but there is an interesting nuance. Although weekly consolidation confirmed we're still in daily UT, which is a bit abnormal. Moreover, value has been moving down very reluctantly in the past 4 days. All these might be a sign that bulls are still somewhere undercover waiting for the right moment to kick-in. Important levels to watch is trend line support and last daily pullback low (353). If there are signs of reversal we can then witness a very nice shortcovering rally
Disclaimer
I don't give trading or investing advices, just sharing my thoughts
Context:
weekly - downtrend (DT)
daily - uptrend (UT)
Last day:
Price broke previous week low, signaling start of weekly consolidation. Value is overlapping with the previous day.
Conclusion:
Market looks very bearish but there is an interesting nuance. Although weekly consolidation confirmed we're still in daily UT, which is a bit abnormal. Moreover, value has been moving down very reluctantly in the past 4 days. All these might be a sign that bulls are still somewhere undercover waiting for the right moment to kick-in. Important levels to watch is trend line support and last daily pullback low (353). If there are signs of reversal we can then witness a very nice shortcovering rally
Disclaimer
I don't give trading or investing advices, just sharing my thoughts