QQQ - QQQ poised to continue lower
We maintain a bearish notion on QQQ. Accordingly, our short-term price target of 305 USD stays in place; the same applies to our medium-term price target of 300 USD.
Illustration 1.01
The picture above shows increasing selling pressure.
Technical analysis - daily time frame
RSI, MACD, and Stochastic are bearish. DM+ and DM- are bearish too. ADX paused a climb and dipped lower. Despite that, the daily time frame is bearish.
Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. ADX increases, which indicates that the bearish trend is gaining strength. 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.
Illustration 1.01
Technical analysis - daily time frame
RSI, MACD, and Stochastic are bearish. DM+ and DM- are bearish too. ADX paused a climb and dipped lower. Despite that, the daily time frame is bearish.
Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. ADX increases, which indicates that the bearish trend is gaining strength. 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:
Our price targets were reached; and our thoughts are updated in the following post:
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