QQQ for Friday (11/10/2024)
Price Action:
Current Resistance: QQQ is encountering resistance near the 493.71 - 494.47 level. This zone has been tested several times but hasn't been broken, suggesting possible overhead supply.
Support Levels: Strong support is evident around 479.90 - 483.34, indicated by the green order block zone. Buyers have shown interest in this region on previous pullbacks.
Trendline: There is an upward trendline providing support, showing that the ETF is maintaining an overall bullish structure. Any pullback to this trendline could act as dynamic support.
Direction:
Bullish Scenario: If QQQ breaks above 494.47 with increased volume, it could continue its upward trajectory. Look for a breakout confirmation before entering a long trade.
Bearish Scenario: A failure to break above the resistance could push QQQ toward its support at 483.34 or even further down to 479.90. If the price closes below the trendline, it may signal a reversal or correction.
Order Block:
Bullish Order Block: The green order block around 479.90 - 483.34 shows significant buying interest. A pullback to this area may result in a bounce as buyers step back in.
Bearish Order Block: No immediate bearish order block visible in the upper range, but rejection at resistance could form one in the near term, especially if volume increases.
Volume and Indicators:
Volume: Volume seems steady but not surging, which could indicate caution among participants as price approaches resistance.
Momentum Oscillators: The oscillators show mixed signals with slight volatility. Watch for momentum shifts that may indicate a reversal or continuation.
Strategy:
For long positions, look for a breakout above 494.47 with higher volume and momentum confirmation. Target higher resistance zones or ride the trend if volume spikes.
For short positions, a failure at resistance or a break below 483.34 could open short opportunities, especially toward the 479.90 support zone.
This analysis is for educational purposes only and should not be considered financial or investment advice. Always do your own research and consult with a professional financial advisor before making any trading decisions.
Current Resistance: QQQ is encountering resistance near the 493.71 - 494.47 level. This zone has been tested several times but hasn't been broken, suggesting possible overhead supply.
Support Levels: Strong support is evident around 479.90 - 483.34, indicated by the green order block zone. Buyers have shown interest in this region on previous pullbacks.
Trendline: There is an upward trendline providing support, showing that the ETF is maintaining an overall bullish structure. Any pullback to this trendline could act as dynamic support.
Direction:
Bullish Scenario: If QQQ breaks above 494.47 with increased volume, it could continue its upward trajectory. Look for a breakout confirmation before entering a long trade.
Bearish Scenario: A failure to break above the resistance could push QQQ toward its support at 483.34 or even further down to 479.90. If the price closes below the trendline, it may signal a reversal or correction.
Order Block:
Bullish Order Block: The green order block around 479.90 - 483.34 shows significant buying interest. A pullback to this area may result in a bounce as buyers step back in.
Bearish Order Block: No immediate bearish order block visible in the upper range, but rejection at resistance could form one in the near term, especially if volume increases.
Volume and Indicators:
Volume: Volume seems steady but not surging, which could indicate caution among participants as price approaches resistance.
Momentum Oscillators: The oscillators show mixed signals with slight volatility. Watch for momentum shifts that may indicate a reversal or continuation.
Strategy:
For long positions, look for a breakout above 494.47 with higher volume and momentum confirmation. Target higher resistance zones or ride the trend if volume spikes.
For short positions, a failure at resistance or a break below 483.34 could open short opportunities, especially toward the 479.90 support zone.
This analysis is for educational purposes only and should not be considered financial or investment advice. Always do your own research and consult with a professional financial advisor before making any trading decisions.
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.
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.