QQQ: These are the KEY POINTS we must watch from here!
• Since QQQ hit the previous top at $284, it corrected, and now it is back to its support level, around the 21 ema/38.2% retracement;
• The trend is still bearish, and in theory, QQQ is supposed to keep dropping to the next support levels, like the 61.8% retracement;
• By losing the 61.8%, there’s no other support until the $250;
• However, if QQQ does a bullish pattern above one of the retracements, it might indicate a true bullish reversal, especially if it breaks the $284;
• If this scenario materializes in the next few days, the next technical target is the gap around $307 (yellow square);
• It all depends on how tech stocks will take the next earnings. Either way, if QQQ will break the $284 or seek lower support levels, we’ll have our answer soon.
Remember to follow me to keep in touch with my analyses!
• The trend is still bearish, and in theory, QQQ is supposed to keep dropping to the next support levels, like the 61.8% retracement;
• By losing the 61.8%, there’s no other support until the $250;
• However, if QQQ does a bullish pattern above one of the retracements, it might indicate a true bullish reversal, especially if it breaks the $284;
• If this scenario materializes in the next few days, the next technical target is the gap around $307 (yellow square);
• It all depends on how tech stocks will take the next earnings. Either way, if QQQ will break the $284 or seek lower support levels, we’ll have our answer soon.
Remember to follow me to keep in touch with my analyses!
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