QQQ is consolidating after it's plunge recently, and we see a higher low coupled with the test (and break) of the channel high. I believe traders will try to push price back to the supply zone in red. Yesterday's breakout was met with selling, pushing price back into range. This presents an opportunity for buy on the dip next time the upward blue trend line is tested. With the 50 VWMA bullishly crossing the 200 VWMA right beneath the trend line, I'll be looking for buying opportunities in between the trend line and the averages.
Comment:
Upward GREEN trend line.
Trade active:
Ended up going long at 140.30, right at the averages. Stop was 140.09, and has now been raised to break even. Target 1 is 142.50, target 2 is 143.60.