ETrades1

QTT Price symmetry/Inv. H&S

Long
NASDAQ:QTT   None
QTT is showing symmetrical price action and appears to be forming an Inv. H&S pattern. During price consolidation, the RSI has consistently found support against the uptrend line and the 50 EMA (purple dotted), which is a sign that underlying momentum is positive and this consolidation is more likely to result in a breakout to the upside. I am looking for the RSI to make a strong move higher off the 50 EMA support and for the MACD to begin expanding to the upside. Price must reclaim the 50 EMA (purple) at approx. $2.80 for me to enter the trade. If that case presents, then I would expect a move to +$4.00 which is the measured price target of the H&S pattern.
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