Long QQQ Weekly Chart Bounce off Bottom Trend Channel
I think QQQ is a good purchase here as long as it holds above the 160 weekly trend channel support level.
My target is the gap fill at the 169-171 level within the next couple weeks. If you place your stop loss just below 160 (near 158 for example), you risk 4 dollars a share with a reward of 8 dollars a share if you set your profit exit at 170. That's a Risk Reward of 2 which is a really good.
I believe that buying support in an uptrend is a good idea, and since price is still above the upward sloping 200 day moving average, I believe QQQ is a good buy setup here.
I blog almost everyday here: bigfryfinancialmarkets.com
On my blog, I also have fun facts daily, and discuss other setups. I include stocks that you might consider putting on your watchlist.
I would love it if you could please like this post/follow me to allow more people to see my analysis. Have a great Sunday :D
My target is the gap fill at the 169-171 level within the next couple weeks. If you place your stop loss just below 160 (near 158 for example), you risk 4 dollars a share with a reward of 8 dollars a share if you set your profit exit at 170. That's a Risk Reward of 2 which is a really good.
I believe that buying support in an uptrend is a good idea, and since price is still above the upward sloping 200 day moving average, I believe QQQ is a good buy setup here.
I blog almost everyday here: bigfryfinancialmarkets.com
On my blog, I also have fun facts daily, and discuss other setups. I include stocks that you might consider putting on your watchlist.
I would love it if you could please like this post/follow me to allow more people to see my analysis. Have a great Sunday :D
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