QQQ: Must React As Soon As Possible.
• QQQ corrected to the 21 ema again, after filling the previous open gap at 322.08 (open since Aug 22, 2022);
• It is ok to see QQQ losing strength after reaching this key resistance, however, in order to maintain the bullish bias, the 21 ema must act as a support;
• If don’t, QQQ could easily seek the next support level, which is around 310, and this would frustrate the mid-term bullish bias;
• The trend is still bullish because QQQ isn’t doing lower highs/lows yet, and now it is right at the 21 ema again. There’s no bearish reversal signal on QQQ yet;
• On the other hand, there’s no bottom signal as well. QQQ must perform a bottom as soon as possible as it just reached its 21 ema in the daily chart. Only then, we’ll see a confirmation signal that the bull trend will resume.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
• It is ok to see QQQ losing strength after reaching this key resistance, however, in order to maintain the bullish bias, the 21 ema must act as a support;
• If don’t, QQQ could easily seek the next support level, which is around 310, and this would frustrate the mid-term bullish bias;
• The trend is still bullish because QQQ isn’t doing lower highs/lows yet, and now it is right at the 21 ema again. There’s no bearish reversal signal on QQQ yet;
• On the other hand, there’s no bottom signal as well. QQQ must perform a bottom as soon as possible as it just reached its 21 ema in the daily chart. Only then, we’ll see a confirmation signal that the bull trend will resume.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
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