QQQ finished the day very strong on increased volume which is bullish for sure. Tech stock is on fire led by TSLA's good report news. The day finished above BigRed which is very bullish. However, it is at the resistance line at the moment.
Volume is confirming price action as it is rising last several days with the price.
It is finally above all major MA which is bullish.
RSI is way overbought and is due to correct which could be bearish for price.
MACD is rising and is strong.
Overall: QQQ is moving up fast and hard. It is overextended at the moment and it needs to cool down to have a further healthy move to the upside. Would be best for bulls to consolidate above BighRed on a smaller volume for a few days and then break strong. Candles on consolidation should be small and smaller volume, otherwise, it will indicate a soon move down. Blue rising trendline should act as support and also BigRed too.
Volume is confirming price action as it is rising last several days with the price.
It is finally above all major MA which is bullish.
RSI is way overbought and is due to correct which could be bearish for price.
MACD is rising and is strong.
Overall: QQQ is moving up fast and hard. It is overextended at the moment and it needs to cool down to have a further healthy move to the upside. Would be best for bulls to consolidate above BighRed on a smaller volume for a few days and then break strong. Candles on consolidation should be small and smaller volume, otherwise, it will indicate a soon move down. Blue rising trendline should act as support and also BigRed too.
Consistency is the key of success....
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Consistency is the key of success....
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.