QQQ: A bullish reaction in a support! What's next?
• QQQ is doing a Bullish Engulfing today, a reversal candlestick pattern;
• This pattern appeared just above the support at $275 (June 30 low);
• If QQQ loses this support, it’ll just resume the bear trend, and the next support is the $268;
• However, if it confirms this Bullish Engulfing it’ll trigger a technical reversal, which might take it to the $290;
• The $290 is a previous support (Sep 6), and it is supposed to work as a resistance in the future, according to the Principle of Polarity;
• In addition, the $290 is where the 21 ema is right now. Yes, the 21 ema is a dynamic indicator and it’ll probably drop more in the next few days, but it is still very close to this area;
• If it’ll trigger a mid-term reversal in the future, only time will tell. For now, lets focus on this support level.
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• This pattern appeared just above the support at $275 (June 30 low);
• If QQQ loses this support, it’ll just resume the bear trend, and the next support is the $268;
• However, if it confirms this Bullish Engulfing it’ll trigger a technical reversal, which might take it to the $290;
• The $290 is a previous support (Sep 6), and it is supposed to work as a resistance in the future, according to the Principle of Polarity;
• In addition, the $290 is where the 21 ema is right now. Yes, the 21 ema is a dynamic indicator and it’ll probably drop more in the next few days, but it is still very close to this area;
• If it’ll trigger a mid-term reversal in the future, only time will tell. For now, lets focus on this support level.
Remember to follow me for more analysis like this! Keep in touch.
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