QQQ monthly buy signal
QQQ (Nasdaq) monthly finished bullish. Monthly candle close above two trend lines and 8 month MA which is bullish.
After dropping last month and falling below the trend line and 50 months MA, QQQ manage to "heal" them self therefore we must give a buy signal on the monthly chart. The first major resistance would be at 20 months MA green falling line. From the bearish point of view, even though it got a buy signal, the volume is smaller and smaller which is a perfect, textbook example of low base formation.
After a huge drop prices start to consolidate on smaller volumes which could be an indication of a new leg down if lows are broken. Volume didn't confirm this price action as it is lower than 20 months average volume.
RSI is neutral while MACD is a problem, the MACD line falls below zero line and could continue to drop. Same as other indices next month will tell us the story for a whole year.
After dropping last month and falling below the trend line and 50 months MA, QQQ manage to "heal" them self therefore we must give a buy signal on the monthly chart. The first major resistance would be at 20 months MA green falling line. From the bearish point of view, even though it got a buy signal, the volume is smaller and smaller which is a perfect, textbook example of low base formation.
After a huge drop prices start to consolidate on smaller volumes which could be an indication of a new leg down if lows are broken. Volume didn't confirm this price action as it is lower than 20 months average volume.
RSI is neutral while MACD is a problem, the MACD line falls below zero line and could continue to drop. Same as other indices next month will tell us the story for a whole year.
Consistency is the key of success....
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Consistency is the key of success....
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.