Nasdaq 100 - Price target for QQQ at 290 USD, 280 USD

On 11th August 2022, we stated the market was at its peak and due to reverse. Since then, the market has fallen more than 10% and reached our price target for QQQ. Furthermore, since fundamental and technical factors have not changed, we have no reason to change our bearish view. Accordingly, we maintain the price target for NQ1! at 11 000 USD. Additionally, we would like to set new price targets for QQQ at 290 USD and 280 USD. We sound a strong warning of impending acceleration in the selloff.

Illustration 1.01

Illustration 1.01 shows the daily chart of QQQ, which is down more than 10% from its peak on 16th August 2022.

Technical analysis - daily time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish.

Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. 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 be 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