QQQ: Trading around its most important SUPPORT LEVEL!
Updated
• QQQ is correcting today, but it seems we have a key support around the $289 area;
• In our last analysis on it, we nailed the bottom using Fibonacci. The link to my previous (public) analysis is below this post, as usual;
• In the 1h chart, QQQ just hit its dual-support area made by the 21 ema and the 38.2% retracement – and it seems it is reacting here;
• In the daily chart, this price level was a previous resistance in the past (red line). Remember the Principle of Polarity: Previous resistance levels will work as future support levels and vice-versa;
• Therefore, the area around $289 is a multi-support level seen in different time-frames;
• The bias is still bullish in both, short and mid-term, because QQQ is doing higher highs/lows, and it is trading consistently above the 21 emas;
• Only if QQQ loses its key support area it would do a sharper pullback. In this scenario, the 21 ema in the daily chart would be our next target;
• So far, the situation seems under control. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
• In our last analysis on it, we nailed the bottom using Fibonacci. The link to my previous (public) analysis is below this post, as usual;
• In the 1h chart, QQQ just hit its dual-support area made by the 21 ema and the 38.2% retracement – and it seems it is reacting here;
• In the daily chart, this price level was a previous resistance in the past (red line). Remember the Principle of Polarity: Previous resistance levels will work as future support levels and vice-versa;
• Therefore, the area around $289 is a multi-support level seen in different time-frames;
• The bias is still bullish in both, short and mid-term, because QQQ is doing higher highs/lows, and it is trading consistently above the 21 emas;
• Only if QQQ loses its key support area it would do a sharper pullback. In this scenario, the 21 ema in the daily chart would be our next target;
• So far, the situation seems under control. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
Note
Target Hit today.
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