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QQQ - A relief rally about to get prolonged or not?

업데이트됨

QQQ continues to enjoy the relief rally, which might get prolonged if the short-term resistance is penetrated to the upside. However, if that occurs, we will pay close attention to the price and if it manages to close above the mentioned level. In addition to that, we think that if the rally continues further, it might present itself with a good opportunity for short trade (re)entry. Therefore, despite the ongoing rally, we remain bearish on QQQ, and our price targets remain 295 and 290 USD.

Illustration 1.01

The picture above shows QQQ on the daily chart. A white horizontal line indicates support from 5th March 2021.

Technical analysis - daily time frame
RSI shows some relief; however, its bearish structure remains intact. MACD and Stochastic also remain bearish. The same also applies to DM+ and DM-. ADX does not show a significant drop, which indicates that the bearish trend is still not losing momentum. Overall, the daily time frame is bearish.

Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish; ADX grows. Overall, the weekly time frame is bearish.

Please feel free to express your ideas and thoughts in the comment section.

DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.

노트

The picture above shows Nasdaq 100 continuous futures: