QQQ needs to break from downwards trend channel
Updated
What a week for the overall indexes, alot of action to the downside, but a promising close on Friday to potentially show some signs of life. Though we did make a lower low, below the 311 level, the double bottom pattern is still "fine" per say, but some positive divergence would have been nice to see. Going into Monday, and the next week, looking for a break out of our downwards trend channel, a hold of support at the 618 retrace level, and overall some bullish price action to the upside.
Ultimately these next couple of weeks will be about being patient, and watching the price action. Good luck and have a great weekend!
Disclaimer: The proceeding content is informational only and based on information available when created. It is not an offer or a solicitation nor is it tax or legal advice. It does not consider your financial circumstances and objectives and may not be suitable for you.
Ultimately these next couple of weeks will be about being patient, and watching the price action. Good luck and have a great weekend!
Disclaimer: The proceeding content is informational only and based on information available when created. It is not an offer or a solicitation nor is it tax or legal advice. It does not consider your financial circumstances and objectives and may not be suitable for you.
Note
Update as of 3/3/21 - Even though we did make 1 lower low, positive divergence on the MACD is indicating that potentially we could be getting close to the downtrend ending. Target on the upside still remains 350, no change in terms of expectations. Not investing advise.
Disclaimer
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