Technical Analysis of the QQQQ
By Yaser Anwar of Equity Investment Ideas
In my last report I mentioned that the bears were able to push the QQQQ below the short-term support, near $38.50.
The declines continued throughout the early part of the week, but Thursday's bullish price action briefly sent the price back above the resistance.
This move above the trendline was very short lived as the bears pushed it back down on Friday.
The support/resistance near $38.50 continues to be influential and it will likely be a factor in how the price moves this week.
Watch to see whether the bulls will keep up the momentum they started on Thursday, or if this was just a false move before the QQQQ continues its move lower.
http://equityinvestmentideas.blogspot.com/
In my last report I mentioned that the bears were able to push the QQQQ below the short-term support, near $38.50.
The declines continued throughout the early part of the week, but Thursday's bullish price action briefly sent the price back above the resistance.
This move above the trendline was very short lived as the bears pushed it back down on Friday.
The support/resistance near $38.50 continues to be influential and it will likely be a factor in how the price moves this week.
Watch to see whether the bulls will keep up the momentum they started on Thursday, or if this was just a false move before the QQQQ continues its move lower.
http://equityinvestmentideas.blogspot.com/
posted by douglas mcintyre at 6:19 AM
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