• Tech stocks are having a hard time recently, as QQQ is still in a short-term congestion between the previous resistance at $284.45 (Oct 5, 6, 25 and 26 top area) and the first retracement, the 38.2% around $273;
• In addition, the 21 ema is flat now, indicating a lack of definition;
• Only if QQQ loses the 38.2% retracement it’ll resume the bear trend and seek the next support levels, which could be the next retracements or even the previous bottom at $254;
• However, in order to reverse the trend and become bullish again, it must break the $284 area. This multiple resistance area is the most important key point on QQQ for the short/mid-term;
• By breaking this resistance, the previous gap (yellow square) would be the next target;
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• In addition, the 21 ema is flat now, indicating a lack of definition;
• Only if QQQ loses the 38.2% retracement it’ll resume the bear trend and seek the next support levels, which could be the next retracements or even the previous bottom at $254;
• However, in order to reverse the trend and become bullish again, it must break the $284 area. This multiple resistance area is the most important key point on QQQ for the short/mid-term;
• By breaking this resistance, the previous gap (yellow square) would be the next target;
Remember to follow me to keep in touch with my analyses!
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