QQQ - Short term price target of 312 USD

We continue to be bearish on the Nasdaq 100 index. Our view is supported by a combination of fundamental and technical factors. Because of that we would like to set a new short-term price target for QQQ to 312 USD.

Illustration 1.01

The picture above shows Nasdaq 100 continuous futures (NQ1!) on the daily chart. It also shows the immediate support/resistance level which was broken yesterday.

Technical analysis - daily time frame
RSI, MACD, and Stochastic are bearish. The same applies to DM+ and DM-. ADX continues to increase, which signals that the bearish trend is gaining strength. Overall, the daily time frame is bearish.

Technical analysis - weekly time frame
RSI, MACD, and Stochastic are bearish. The same applies to DM+ and DM-. ADX signals the bearish trend is regaining momentum. Overall, the weekly time frame is bearish.

Please feel free to express your ideas and thoughts in the comment section.

DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.

Trade closed: target reached