Nasdaq 100 - A correction is moving towards its end
Updated
We continue to be bearish on QQQ even despite the current bounce in price (correction). Indeed, we think that the current pricing is attractive for (re)entry of short position. Since all our price targets were hit before the rally; therefore, we would like to set a new short-term price target for QQQ at 300 USD. We would also want to set a medium-term price target of 290 USD.
Illustration 1.01
The picture above shows short-term support levels as well as relief from the selling pressure.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Illustration 1.01
The picture above shows short-term support levels as well as relief from the selling pressure.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Trade closed: target reached
Our short-term price target of 300 USD was hit, and our new short-term price target is 290 USD (previous medium-term price target).Note
The picture shows NQ1! on the hourly chart and the immediate resistance. Trade active
The idea was updated in the following post on NQ1! (applies also to QQQ):
Trade closed: target reached
Our price target of 290 USD was reached.
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