QQQ appears to be bullish as the buyers protected the gap which now acts as support. Bears tried to pierce the support for three hours today and then gave up. QQQ has also moved above the long-term moving average (at an hourly level).
It is not out of the woods yet, because there is significant resistance at 280. It could move up to 280 and fail from there but at the moment it is looking pretty good to me. If it succeeds in moving past 280, then it would be a sort of island reversal.
PS: This analysis is just for entertainment purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
It is not out of the woods yet, because there is significant resistance at 280. It could move up to 280 and fail from there but at the moment it is looking pretty good to me. If it succeeds in moving past 280, then it would be a sort of island reversal.
PS: This analysis is just for entertainment purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
Comment:
I will be keeping an eye on the 272-274 levels. The bull chase will only be invalidated if QQQ moved below these levels and confirmed these levels as resistance.
