Nasdaq 100 ETF (QQQM) technical outlook 5/12/2022
Nasdaq 100 ETF continues to trend upwards with lower highs and higher highs, a major challenge ahead at 121.88
Thursday's price action failed to break 118.68 in the daily time frame, a crucial point (critical support/resistance) in June, July, and September 2022, as marked on the chart.
Price closed as a Doji pattern, indicating indecision between the buyers and sellers, and most sellers aimed to drive prices down, given the failed attempt at 118.68
However, QQQM survived a technical pullback in Friday's session following a drop to the 118.68 support level in the opening trades. Buyers managed to defend the 118.68 level avoiding a reversal to the downside and closed at 120.35. Sellers will be monitoring 121.88 in next week's session for any signs of weakness to drive prices down.
The current price structure in the daily time frame indicates buyers could push prices to retest the major resistance level at 121.88 if it holds above 118.68. A Santa rally could only happen if the price breaks the trend line in red and remains above 121.88
Not financial advice; the technical analysis is for educational purposes only.
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