Since bottoming on June 16 QQQ has made higher lows and higher highs showing a clear uptrend as the 9 and 20 EMAs both crossed the 50 MA.
The price recently closed above the 50 MA at 315.46 for the first time since March. This level has acted as both support and resistance several times since 2020.
The D+ crossing D- and the ADX curling up are all very bullish. The uptrend is confirmed with OBV and the Force Index.
I anticipate a pullback to the .38 Fibonacci level before retesting the 315 resistance level. If a double top can be avoided my
targets are : $332.78, $349.94
The price recently closed above the 50 MA at 315.46 for the first time since March. This level has acted as both support and resistance several times since 2020.
The D+ crossing D- and the ADX curling up are all very bullish. The uptrend is confirmed with OBV and the Force Index.
I anticipate a pullback to the .38 Fibonacci level before retesting the 315 resistance level. If a double top can be avoided my
targets are : $332.78, $349.94
