TQQQ trade ideas
XOP ETF at a historical extreme!The XOP ETF has been shattered and we have gone below levels back to 2008-09 on our Short Term Oscillator. This sets up a potential snap back rally as the rubber band has been stretched to the downside to an extreme level. We don't give financial advice so please do your own research.
TQQQ is heading to 31 levels, bear market is on?As we can see, resistance on fib 0.618 is broken and now we are testing MA200, this in past was support point but I think it will be broken soon, and next target to test it is around 31, where also fib 0.786 is, and I think we already lost Bullish trend and we are now entering a bear market. Maybe, we will have short relief with some great news, but I assume tomorrow, Friday, before the weekend we will have great selloff again and we will go further to 31-32 levels.
At that levels we have some stronger resistance, but not sure will that be a bottom.
Disclaimer:
- this is not any kind of trading advice
- I am a noob, this is for my learning and training purposes
Comments are appreciated.
TQQQ ETF Oscillator still declining despite price bouncing!We have overlapped our oscillator on top of price and our oscillator is still declining despite the bounce from the last few days. This will not last long so either price catches down to the oscillator or price needs to explode higher to pull the oscillator higher.
TQQQ - Go long for the bounceMy 50DMA short script (still on the process of backtesting) worked. After the price sat on the 50DMA, it just broke down and now sitting on the 78DMA.
Maybe I can go long on current market orders at 89.15. Stop below the lows of the two bearish candle of 87.15. Target price around 105 levels just to close the gap. If price continues to slide down, I can re-enter at the midrange, 79.86, and still have a target of back filling the gap to 105.