QQQ: A Dangerous Chart Pattern Appears.
• QQQ is trading inside a range, between the resistance at 321, and the dual-support area made by the 21 ema + 313;
• Only a breakout would bring something new. If QQQ triggers an upwards breakout, it’ll just resume the bullish bias, and seek the next resistance at 334;
• On the other hand, if QQQ loses the dual-support level, it would trigger a Double Top chart pattern, and in this scenario, it could easily correct all the way down to the304 again;;
• So far, there’s no breakout yet, but QQQ is approaching its dual-support area. It all depends on how it’ll react around here.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
• Only a breakout would bring something new. If QQQ triggers an upwards breakout, it’ll just resume the bullish bias, and seek the next resistance at 334;
• On the other hand, if QQQ loses the dual-support level, it would trigger a Double Top chart pattern, and in this scenario, it could easily correct all the way down to the304 again;;
• So far, there’s no breakout yet, but QQQ is approaching its dual-support area. It all depends on how it’ll react around here.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
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