QQQ: Between important Key Points!
• Tech stocks are having a hard time recently, as QQQ is still in a short-term congestion between the previous resistance at $284.45 (Oct 5, 6, 25 and 26 top area) and the first retracement, the 38.2% around $273;
• In addition, the 21 ema is flat now, indicating a lack of definition;
• Only if QQQ loses the 38.2% retracement it’ll resume the bear trend and seek the next support levels, which could be the next retracements or even the previous bottom at $254;
• However, in order to reverse the trend and become bullish again, it must break the $284 area. This multiple resistance area is the most important key point on QQQ for the short/mid-term;
• By breaking this resistance, the previous gap (yellow square) would be the next target;
Remember to follow me to keep in touch with my analyses!
• In addition, the 21 ema is flat now, indicating a lack of definition;
• Only if QQQ loses the 38.2% retracement it’ll resume the bear trend and seek the next support levels, which could be the next retracements or even the previous bottom at $254;
• However, in order to reverse the trend and become bullish again, it must break the $284 area. This multiple resistance area is the most important key point on QQQ for the short/mid-term;
• By breaking this resistance, the previous gap (yellow square) would be the next target;
Remember to follow me to keep in touch with my analyses!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.