QQQ at Key Support Level – Rebound Towards $532?NASDAQ:QQQ is experiencing a corrective move after forming a double top near the upper boundary of the ascending channel. The rejection from this level has led to increased selling pressure, bringing price back to the lower boundary of the channel.
If buyers regain control at this point, we could see a rebound toward the $532 resistance zone, which aligns with previous price reactions and the midline of the channel. This area could act as a short-term target within the existing bullish structure.
However, if price fails to hold this support and breaks below with momentum, the bullish outlook may be invalidated, potentially signaling further downside. Traders should watch for bullish confirmation signals such as rejection wicks, increasing volume, or bullish engulfing patterns before considering long positions.
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