QQQ: Could Tech stocks REVERSE? These KEY POINTS will guide you!
• QQQ is trading around a key support level, made by the 38.2% Fibonacci’s Retracement + 21 ema;
• If QQQ loses this dual-support level, the momentum might be strong enough to make it retest the 61.8% around $272;
• In addition, if this scenario materializes, QQQ would do a bearish structure (lower high/low), indicating that the bear trend will persist a little bit longer;
• However, QQQ has been correcting while the volume decreases, indicating weakness rather than a sell-off;
• Either way, a bullish thesis would gain strength only if it breaks the $293 area, triggering a bullish pivot point;
• A bullish scenario would have the gap at $307 as our first target;
• Either way, QQQ looks interesting, and regardless of what happens, we must pay attention to these key points for now.
Remember to follow me to keep in touch with my analyses!
• If QQQ loses this dual-support level, the momentum might be strong enough to make it retest the 61.8% around $272;
• In addition, if this scenario materializes, QQQ would do a bearish structure (lower high/low), indicating that the bear trend will persist a little bit longer;
• However, QQQ has been correcting while the volume decreases, indicating weakness rather than a sell-off;
• Either way, a bullish thesis would gain strength only if it breaks the $293 area, triggering a bullish pivot point;
• A bullish scenario would have the gap at $307 as our first target;
• Either way, QQQ looks interesting, and regardless of what happens, we must pay attention to these key points for now.
Remember to follow me to keep in touch with my analyses!
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