QQQ Nasdaq 100 ETF Double Bottom on Strong Support

1 ott 2022

If you haven`t bought Puts when Jerome Powell was saying that "U.S. businesses will have to endure some pain":

Then you should know that the QQQ etf i ready for a technical rebound.
A Technical Rebound refers to a recovery from a prior period of losses when technical signals indicate that the move was oversold.
In this case, the Relative Strength Index momentum indicator of QQQ Nasdaq 100 ETF is at 24.75 on a Double Bottom Reversal Chart Pattern and Strong Support.
A double bottom is a reversal chart pattern in technical analysis that describes a change in trend.

Even though i am overall bearish on the economy, buying a strong financial instrument when the RSI is below 30, would make a case for a potential short term reversal.
My ultimate price target is $237, but for now i am bullish .

Looking forward to read your opinion about it.