InvestingScope

Invesco QQQ Trust: Pull back on 1D and lower buy opportunity.

NASDAQ:QQQ   INVESCO QQQ TRUST QQQ USD DIS
This ETF is on a bearish reversal following its April All Time High. 1D has turned bearish ( RSI = 42.019, Highs/Lows = -3.1729, ADX = 32.374) and since it just crossed (though marginally for the moment) the 1D MA50, we are to ring some alarms for further bearish potential.

A similar RSI pattern was performed in January - February 2018. After a new (then) All Time High, the price again pulled back, crossing the MA50 and then finding support just above the MA200. An equally aggressive rise followed and test of the previous High in the form of a Head and Shoulders pattern.

On the present formation, the RSI was also rejected near 83.8000 and is approaching the 30.000 support. Having breached the MA50 on 1D we expect a similar candle sequence to emerge, with further selling towards the MA200 and then strong bounce.

We are buying this pull back with TP = 191.40.








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