QQQ daily is ready for a massive move - likely down
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QQQ's daily chart shows that it is currently in a symmetrical triangle formation within a larger symmetrical triangle. As the price is reaching the end of the symmetrical triangle, a breakout is imminent, which will likely be confirmed by higher volume.
The current price is below the 20-day moving average, which is bearish, but it is still above the 50 and 200-day moving averages, which is bullish. The volume confirms a bearish sentiment, as the volume on down days is larger than on up days. The RSI and MACD are neutral and are not showing significant movements.
Overall, QQQ is expected to make a significant move either up or down. Bulls should consider buying in, especially if the price breaks above the upper trend line, which would open the door for a retest of the 305-307 area where the trend line from the larger symmetrical triangle is located. Additionally, in case of breaking out, the upcoming golden cross in a few days would have much more strength.
However, if QQQ drops out of the symmetrical triangle, it may not find support at the major support levels of the 50 and 200-day moving averages, which are very close to the breakout area. In this scenario, the golden cross will not be significant, and the price could test the lows from last year.
I am giving a 70% chance of going down and going down hard!
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لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.