Will $QQQ close the $278 GAP before reverting back
The trading plan follows $QQQ for a possible Long position, given the bearish sentiment of the market for the past several weeks.
28 SEP 2022, the $QQQ formed a Gap while in its Declining phase. Subsequently, the market closed below the June lows for the first time on Friday, 30 SEP.
The idea is that the market has become oversold, given the CCI and RSI indicators depicting such disposition. I purchased CDS at $273.30 with a Stop Loss of $271.89 and a Profit Zone of $277 - $278.
I suspect that the $QQQ will reach either Stop Loss or Profit Zone this week which could be a lucrative trade if the Long position and Gap are filled.
Time will tell...
28 SEP 2022, the $QQQ formed a Gap while in its Declining phase. Subsequently, the market closed below the June lows for the first time on Friday, 30 SEP.
The idea is that the market has become oversold, given the CCI and RSI indicators depicting such disposition. I purchased CDS at $273.30 with a Stop Loss of $271.89 and a Profit Zone of $277 - $278.
I suspect that the $QQQ will reach either Stop Loss or Profit Zone this week which could be a lucrative trade if the Long position and Gap are filled.
Time will tell...