QQQ - A pause ahead of more weakness?

We continue to be bearish on QQQ. Yesterday, it closed below the immediate support/resistance level, which bolsters the bearish case for it. Although, we will pay close attention to the price action and its ability to move above/below the mentioned level. Our price target stays at 312 USD.

Illustration 1.01

The picture above shows the close price from 27th April 2022. Additionally, the picture illustrates trade setup with two alternative directions.

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