QQQ: Last Chance to React - Major Support Levels.
Since our last study of the QQQ, the ETF has reached the support points we described earlier, and now its price is trying to stabilize, but we have yet to see a promising reaction.
Looking at the daily chart for QQQ, we can see that after reaching the resistance zone near $484.43, the price has sharply declined, retracing towards the 38.2% Fibonacci level around $460. The 50% retracement level around $453, followed by the 61.8% level near $446, may act as critical support levels if the price continues to weaken. The 21-day EMA is currently acting as dynamic resistance, and only a breakout of this key point would bring somethihng new on QQQ, as it will enter bullish territory again.
On the weekly chart, the price remains within a well-defined ascending channel. The recent rejection near the upper boundary of the channel shows that this trend remains intact but could be vulnerable to further downside corrections, especially if the price cannot hold support at the lower Fibonacci levels. The 21-week EMA is still trending upward and should be watched closely as a potential area for support in the medium term.
In summary, QQQ is showing signs of weakness after failing to break resistance at $484.43. With Fibonacci retracement levels providing near-term support, we should watch for a possible breakdown below the 38.2% level, which could lead to a deeper pullback toward the 50% and 61.8% levels. If support holds, the price could attempt another push higher, but the 21-day EMA needs to be reclaimed for the bullish trend to regain strength. Therefore, it feels like this is the last chance for the QQQ to react, otherwise, we may see a sharp correction ahead.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
Looking at the daily chart for QQQ, we can see that after reaching the resistance zone near $484.43, the price has sharply declined, retracing towards the 38.2% Fibonacci level around $460. The 50% retracement level around $453, followed by the 61.8% level near $446, may act as critical support levels if the price continues to weaken. The 21-day EMA is currently acting as dynamic resistance, and only a breakout of this key point would bring somethihng new on QQQ, as it will enter bullish territory again.
On the weekly chart, the price remains within a well-defined ascending channel. The recent rejection near the upper boundary of the channel shows that this trend remains intact but could be vulnerable to further downside corrections, especially if the price cannot hold support at the lower Fibonacci levels. The 21-week EMA is still trending upward and should be watched closely as a potential area for support in the medium term.
In summary, QQQ is showing signs of weakness after failing to break resistance at $484.43. With Fibonacci retracement levels providing near-term support, we should watch for a possible breakdown below the 38.2% level, which could lead to a deeper pullback toward the 50% and 61.8% levels. If support holds, the price could attempt another push higher, but the 21-day EMA needs to be reclaimed for the bullish trend to regain strength. Therefore, it feels like this is the last chance for the QQQ to react, otherwise, we may see a sharp correction ahead.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
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