QQQ daily - at major resistance again
QQQ daily is inside a falling wedge that is forming since the start of 2022. Price retrace at FIB 0.618 twice during this week. Now that FIB retracement and falling trend line will act as major resistance.
It is above 8, 20, and 50 days MA which is bullish but still it is below BigRed 200 days MA which is bearish.
Volume was pretty big for a strong move up which is very bullish meaning confirming that price action.
RSI is close to 60 which is an area of intermediate overbought area.
MACD histogram is ticking up strongly while both the MACD line and signal line are up which is also bullish.
Overall: QQQ needs to clean the 285 area and needs to clean it fast and continue its move to be bullish otherwise QQQ will be in big problems. In case of closing above that resistance, it will meet BigRed at around 292 area which will be very very big resistance.
If QQQ doesn't find enough buyers at this level and it gets rejected yet again from FIB 0.618 it will very likely drop like a stone and will retest lows which will not hold in my opinion. Lows will be the only real support at this moment. We can conclude that this week's results will tell us more.
It is above 8, 20, and 50 days MA which is bullish but still it is below BigRed 200 days MA which is bearish.
Volume was pretty big for a strong move up which is very bullish meaning confirming that price action.
RSI is close to 60 which is an area of intermediate overbought area.
MACD histogram is ticking up strongly while both the MACD line and signal line are up which is also bullish.
Overall: QQQ needs to clean the 285 area and needs to clean it fast and continue its move to be bullish otherwise QQQ will be in big problems. In case of closing above that resistance, it will meet BigRed at around 292 area which will be very very big resistance.
If QQQ doesn't find enough buyers at this level and it gets rejected yet again from FIB 0.618 it will very likely drop like a stone and will retest lows which will not hold in my opinion. Lows will be the only real support at this moment. We can conclude that this week's results will tell us more.
Consistency is the key of success....