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CQQQ, trying to etablish an uptrend

Updated

on daily charts is trying to finds its wings to fly, awaiting clear direction

I have showed a few cases here, where after a significant up-move, we had a double top formation and also bearish divergence on the RSI, indicating high probability that the uptrend may end and fizzle out and then after a significant downside, price formed a double bottom, signifying that trend may reverse or at least bottom out.

Over the next few months, we saw a peak of 36% returns on investment since signal identified

As we speak, price is trying to break the $ 50 mark. At this stage, price is respecting the upward trending bottom channel but is failing to make higher highs, entering in somewhat a congestion zone.

Look out for this space closely as this may give us more confirmation on which way markets could break out

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Note

price finding support in the center green zone and price higher than previous lower level, suggesting price will again try to move upwards in the channel to hit the resistance level of $52, which was also the peak of the previous uptrend

Note

CQQQ still finding support on the trend line... Look out price action around the support and resistance levels is always critical

Note

As suggested, price rebounds from Support levels and pushes upwards.....looking to hit and test the upward resitance zone

Trade active

As suggested above, price not only tested the upward range, also broke previous high and has tested the new support level, now sitting near 61.8 Fib levels. China US Trade issues may also have some positive developments and also Positive as Dollar Index DXY has started showing signs of weakness. Expecting next resistance at 59.26 levels if this hurdle crossed

LoveForCharts

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