QQQ - 3HR chart - Bearish div. + rising wedge. Short
Looking at this chart, we see a rising wedge formation. The general uptrend remains unbroken, however recently, the RSI is showing a bearish divergence. Basically as the price goes higher, the volume behind that price is slowing down. These are both signs of an upcoming reversal.
Knowing that this stock is heavily invested in Tech, I would expect this to reverse in the next couple days, and we should see a new pattern develop. I expect a price of $118.00 to $129.00 which would create a great buy opportunity, with stops at some previous resistance levels ($140).
If trendline breaks downwards, expect this to be short for a while. Look for buy opportunities around 50%-61.8% retracement levels.
Knowing that this stock is heavily invested in Tech, I would expect this to reverse in the next couple days, and we should see a new pattern develop. I expect a price of $118.00 to $129.00 which would create a great buy opportunity, with stops at some previous resistance levels ($140).
If trendline breaks downwards, expect this to be short for a while. Look for buy opportunities around 50%-61.8% retracement levels.
Comment:
SHORT. You may notice various tech stocks down for the day. AAPL trading at $150, FB trading at $163. The tech industry was due for a hit due to uncertainty and fear, reasonably. These will become buys soon, corrections en route. Be safe!