QQQ: A Rally Towards the ATH!
Daily Chart (Left):
Resistance at $503.52: The price is approaching a key resistance zone around $503.52, the ATH, which may serve as a potential reversal area. A breakout above this could signal more bullish momentum.
Support at $493.15: There is immediate support at $493.15, where price action has consolidated briefly. This level might act as a pivot zone, where buyers could step in if there’s a pullback.
Momentum: The price is above the 21-day EMA, which is rising, indicating the trend is currently bullish. Buyers seem to be in control, and the price action has been making higher highs and higher lows.
Weekly Chart (Right):
Ascending Channel: The price has been trending upward within a well-defined ascending channel. The mid-point of this channel, around $493, has acted as resistance in recent weeks.
Next Resistance: The upper boundary of the channel, which is above the resistance at $503.52, could offer significant resistance. This suggests that QQQ could renew its ATH if this bullish momentum persists.
Overall Trend: The weekly trend remains strong, with the 21-week EMA providing dynamic support, reinforcing the overall bullish bias.
Conclusion:
The price is currently bullish but nearing key resistance at $503.52. Traders should be cautious around this level for potential profit-taking or reversal signals. If the price manages to break above $503.52, the next leg up in the bullish trend could begin. Conversely, if the QQQ loses the $493 support, it could materialize a sharper correction to the 21-day EMA, or even to tthe $477 in the mid-term.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
Resistance at $503.52: The price is approaching a key resistance zone around $503.52, the ATH, which may serve as a potential reversal area. A breakout above this could signal more bullish momentum.
Support at $493.15: There is immediate support at $493.15, where price action has consolidated briefly. This level might act as a pivot zone, where buyers could step in if there’s a pullback.
Momentum: The price is above the 21-day EMA, which is rising, indicating the trend is currently bullish. Buyers seem to be in control, and the price action has been making higher highs and higher lows.
Weekly Chart (Right):
Ascending Channel: The price has been trending upward within a well-defined ascending channel. The mid-point of this channel, around $493, has acted as resistance in recent weeks.
Next Resistance: The upper boundary of the channel, which is above the resistance at $503.52, could offer significant resistance. This suggests that QQQ could renew its ATH if this bullish momentum persists.
Overall Trend: The weekly trend remains strong, with the 21-week EMA providing dynamic support, reinforcing the overall bullish bias.
Conclusion:
The price is currently bullish but nearing key resistance at $503.52. Traders should be cautious around this level for potential profit-taking or reversal signals. If the price manages to break above $503.52, the next leg up in the bullish trend could begin. Conversely, if the QQQ loses the $493 support, it could materialize a sharper correction to the 21-day EMA, or even to tthe $477 in the mid-term.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
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