SQQQ on Bullish Signal Uptrend - Potential Recession is Coming
Updated
SQQQ price closing on 50.24 USD where on the breakout of resistance level 48.68 USD yesterday. Notice that having a huge buying volume to support the breakout (cup and handle pattern), this indicate it is a strong bullish signal where investor can consider to take "Long" position on SQQQ with current price (50.24 USD). To be conservative, can take 46.19 USD as stop loss position which approximately 8.03% of risk.
This would possibly on strong upward trend while potentially NASDAQ would be on bearish trend. Most likely " Recession is Coming" ...
On the other hand, take a look on another chart regarding QQQ ETF which tracking on NASDAQ-100 Index:
Based on my humble analysis, we can see NASDAQ-100 index had formed "Head and Shoulders" pattern. Yesterday the chart just on the breakout support level position with high selling volume of transactions. This mean it is high possibility that NASDAQ might go into "free fall".
Thus, might be a good opportunity to trade SQQQ with manageable risk now (if practice stop loss of 8% from yesterday closing price - 50.24 USD)
“Past performance does not guarantee future performance. This is for just my personal opinion but not trading advise.”
This would possibly on strong upward trend while potentially NASDAQ would be on bearish trend. Most likely " Recession is Coming" ...
On the other hand, take a look on another chart regarding QQQ ETF which tracking on NASDAQ-100 Index:
Based on my humble analysis, we can see NASDAQ-100 index had formed "Head and Shoulders" pattern. Yesterday the chart just on the breakout support level position with high selling volume of transactions. This mean it is high possibility that NASDAQ might go into "free fall".
Thus, might be a good opportunity to trade SQQQ with manageable risk now (if practice stop loss of 8% from yesterday closing price - 50.24 USD)
“Past performance does not guarantee future performance. This is for just my personal opinion but not trading advise.”
Note
The price move upward after the breakout of 48.68 USD as mentioned previously. If the price can hit the resistant line where around 63 USD, can consider as take profit price target.
If the price move downward , to be conservative can consider exit on 53.30 USD.
However, if willing to take further risk, perhaps can do further observation for the trend move. Most likely NASDAQ will continue on bearish and SQQQ price might potential move toward first target 63 USD or even higher (subject to change).
"This is for just my personal opinion but not trading advise "
Note
Today can consider as good risking opportunity to enter SQQQ as it have obvious breakout the resistance line. Potential uptrend for SQQQ might coming.
If the entering price is 38.84 USD, perhaps can put 36 USD as stop loss price where control the risk within 7.6 - 8 %.
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