Buy QQQ on Any Pullback to The Minor Support Level of 162-164
As you can see in the chart, QQQ has had multiple bounces off the 162-164 support level.
162 was a key resistance level before since it was the neckline of the inverse head and shoulder pattern. Old resistance becomes new support and vice versa, so expect a bounce off 162 if QQQ reaches that level.
Also, 164 is the top of the gap, which also saw a reasonable amount of buyers in the past.
Trade Idea: Buy QQQ if it dips anywhere into the 162-164 support level with a stop loss just below 162. Your target would be the gap fill near 169-171.
This trade also has an excellent Risk:Reward, and you are also trading with the primary up trend.
Like/follow if you agree :D
162 was a key resistance level before since it was the neckline of the inverse head and shoulder pattern. Old resistance becomes new support and vice versa, so expect a bounce off 162 if QQQ reaches that level.
Also, 164 is the top of the gap, which also saw a reasonable amount of buyers in the past.
Trade Idea: Buy QQQ if it dips anywhere into the 162-164 support level with a stop loss just below 162. Your target would be the gap fill near 169-171.
This trade also has an excellent Risk:Reward, and you are also trading with the primary up trend.
Like/follow if you agree :D
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