QQQ: Key Levels and Potential Scenarios (D&W charts).
Daily Chart:
On the daily chart, QQQ has recently hit an all-time high of 486.86, marking a significant resistance level. This milestone suggests a bullish momentum, but it's essential to watch how the price behaves around this level.
There's also a noticeable gap at 468.14, which often acts as a magnet for price action, serving either as support or resistance. Currently, the price is hovering around the 473.82 support level, which, if maintained, could signal continued bullish momentum.
Additionally, the 21-day EMA is another critical support level; staying above it would further validate the uptrend. Should the price break above the all-time high, we could see new peaks. Conversely, losing support at 473.82 might lead to a sharper pullback, potentially down to 460.58 or even 449.34.
Weekly Chart:
Looking at the weekly chart, a shooting star pattern has emerged, typically a bearish signal suggesting a potential reversal. This pattern indicates that despite reaching new highs, there was significant selling pressure, hinting at a possible decline.
The 21-week EMA, however, shows that the longer-term trend remains bullish as the price is still well above this level. If the price confirms the shooting star by dropping in the following weeks, it might signal a deeper correction.
Maintaining above the 21-week EMA would still suggest a strong underlying bullish trend, despite short-term bearish signals.
Conclusion:
In conclusion, while the QQQ shows strong bullish signals, indicated by new all-time highs and support levels on the daily chart, the shooting star pattern on the weekly chart warrants caution.
If the price holds above 473.82 and the 21-day EMA, the bullish trend is likely to continue with potential for new highs. However, if these supports fail, we might see a correction down to the gap at 468.14 or lower. Overall, monitoring these key levels will be crucial in determining whether the QQQ continues its upward trajectory or enters a period of correction.
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.
On the daily chart, QQQ has recently hit an all-time high of 486.86, marking a significant resistance level. This milestone suggests a bullish momentum, but it's essential to watch how the price behaves around this level.
There's also a noticeable gap at 468.14, which often acts as a magnet for price action, serving either as support or resistance. Currently, the price is hovering around the 473.82 support level, which, if maintained, could signal continued bullish momentum.
Additionally, the 21-day EMA is another critical support level; staying above it would further validate the uptrend. Should the price break above the all-time high, we could see new peaks. Conversely, losing support at 473.82 might lead to a sharper pullback, potentially down to 460.58 or even 449.34.
Weekly Chart:
Looking at the weekly chart, a shooting star pattern has emerged, typically a bearish signal suggesting a potential reversal. This pattern indicates that despite reaching new highs, there was significant selling pressure, hinting at a possible decline.
The 21-week EMA, however, shows that the longer-term trend remains bullish as the price is still well above this level. If the price confirms the shooting star by dropping in the following weeks, it might signal a deeper correction.
Maintaining above the 21-week EMA would still suggest a strong underlying bullish trend, despite short-term bearish signals.
Conclusion:
In conclusion, while the QQQ shows strong bullish signals, indicated by new all-time highs and support levels on the daily chart, the shooting star pattern on the weekly chart warrants caution.
If the price holds above 473.82 and the 21-day EMA, the bullish trend is likely to continue with potential for new highs. However, if these supports fail, we might see a correction down to the gap at 468.14 or lower. Overall, monitoring these key levels will be crucial in determining whether the QQQ continues its upward trajectory or enters a period of correction.
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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