tech overbought af
NNQ
short term bearish on tech here. expecting a nice pullback and a buy the dip opportunity on tech stonks within the next week.
the setup here is simple:
every time nq goes outside of upper BB, as expected per BB definition, a nice correction follows
%R indicates current overbought conditions on not only daily time frame, but weekly and monthly as well.
Drawing Explanation:
-I circled areas where nq price extends outside of upper deviation of Bollinger Bands and circled the corresponding overbought level on %R that led to/showed the correction thereafter; almost every time it sold off into -80 level (oversold af) on %R
-I drew purple rectangles where %R levels were simply oversold but not necessarily correlated to upper bollinger band breach
-I drew orange rectangles where there was an overlap between %R oversold condition and where BB upper band was breached at the same time
Also worth noting that detrended price oscillator is at a resistance of sorts...
*weekly chart shows price is at upper BB level too
short term bearish on tech here. expecting a nice pullback and a buy the dip opportunity on tech stonks within the next week.
the setup here is simple:
every time nq goes outside of upper BB, as expected per BB definition, a nice correction follows
%R indicates current overbought conditions on not only daily time frame, but weekly and monthly as well.
Drawing Explanation:
-I circled areas where nq price extends outside of upper deviation of Bollinger Bands and circled the corresponding overbought level on %R that led to/showed the correction thereafter; almost every time it sold off into -80 level (oversold af) on %R
-I drew purple rectangles where %R levels were simply oversold but not necessarily correlated to upper bollinger band breach
-I drew orange rectangles where there was an overlap between %R oversold condition and where BB upper band was breached at the same time
Also worth noting that detrended price oscillator is at a resistance of sorts...
*weekly chart shows price is at upper BB level too
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