Nasdaq100 break down yesterday the 11600 support line.
Then it had a correction up, and got resistance in the downtrend channel line and now forming a reversal pattern
Initiating short with stop loss above the 11600 line and TP area 11200.
After the decleration that the company having re-organization, with the emphasis on the TV content, the stock jump 5% up, then had a correction and now closed to uptrend line.
Looks like a good time to take it for long:
Take profit @ 135$
Stop loss @ 119.5$
Option1 (Green arrow):
S&P500 futures 1 hour char. trending insde upside channel.
as long as it don't break down channel (bottom bold red line of the channel) I expect it to get back to 3400 (horizontal bold red line)
Option2 (Red arrow):
S&P500 futures creating an head and shoulders pattern. in case we see it (neckline is at 3300 levels), I expect a massive...
SQ great performances in the last few weeks. Almost didn't got impact from market weakness.
Got support from ascending trend line since March.
Also, about to breakout an ascending triangle back to high and have ascending RSI.
Trigger to enter a trade > 160
Stop < 155
QQQ about to get a reversal for the short term into #2 trend line.
There are few reasons for that:
1. QQQ had amazing rally since March
2. On 2nd september, a correction from the high started. it blocked exactly at the 23% Fibonacci level (see linked overview)
3. after a small correction, QQQ fell down below 50MA
4. Now, after a correction, 50MA should be used as...