• Approaching All-Time High Resistance: QQQ is currently trading directly beneath its all-time high of $541 and is encountering a robust overhead resistance zone, indicating a critical test for bullish momentum.
• Strong Ascending Trendline Support: The price action is consistently supported by a well-defined ascending trendline (green), which has successfully held on multiple tests, signaling an intact short-term bullish trend.
• Key Horizontal Support Levels: Below the current price, immediate support is identified at $522, with a more substantial "Key Area" of demand observed between $505 and $510, offering deeper potential support.
• Prior Trend Reversal Confirmed: Earlier in the chart, QQQ successfully broke above a significant descending resistance trendline (red), which had previously capped rallies, confirming a shift from a bearish to a more bullish market structure.
• Foundational Breakout Level: The $494 level, marked as a "Recent Breakout Level," now acts as a key historical resistance-turned-support, providing a foundational base for the current upward movement.
Disclaimer:
The information provided in this chart is for educational and informational purposes only and should not be considered as investment advice. Trading and investing involve substantial risk and are not suitable for every investor. You should carefully consider your financial situation and consult with a financial advisor before making any investment decisions. The creator of this chart does not guarantee any specific outcome or profit and is not responsible for any losses incurred as a result of using this information. Past performance is not indicative of future results. Use this information at your own risk. This chart has been created for my own improvement in Trading and Investment Analysis. Please do your own analysis before any investments.
• Strong Ascending Trendline Support: The price action is consistently supported by a well-defined ascending trendline (green), which has successfully held on multiple tests, signaling an intact short-term bullish trend.
• Key Horizontal Support Levels: Below the current price, immediate support is identified at $522, with a more substantial "Key Area" of demand observed between $505 and $510, offering deeper potential support.
• Prior Trend Reversal Confirmed: Earlier in the chart, QQQ successfully broke above a significant descending resistance trendline (red), which had previously capped rallies, confirming a shift from a bearish to a more bullish market structure.
• Foundational Breakout Level: The $494 level, marked as a "Recent Breakout Level," now acts as a key historical resistance-turned-support, providing a foundational base for the current upward movement.
Disclaimer:
The information provided in this chart is for educational and informational purposes only and should not be considered as investment advice. Trading and investing involve substantial risk and are not suitable for every investor. You should carefully consider your financial situation and consult with a financial advisor before making any investment decisions. The creator of this chart does not guarantee any specific outcome or profit and is not responsible for any losses incurred as a result of using this information. Past performance is not indicative of future results. Use this information at your own risk. This chart has been created for my own improvement in Trading and Investment Analysis. Please do your own analysis before any investments.
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.
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.