QQQ: Pullback Ahead? (D&H chart analysis)
Looking at the QQQ daily and hourly charts, a few important patterns and levels emerge.
On the daily chart, QQQ has reached the key resistance level at $476.53, which corresponds to a previous high. The price has had a strong rally from the support at $448.19, showing consistent strength above the 21-day EMA. However, the area around $476.53 is critical because a failure to break above could signal the formation of a double top, which could lead to a bearish reversal. A clear breakout above this level would be necessary to invalidate the double top and confirm further upside, and in this case, the $484.43 would be its next target.
On the hourly chart, we can see a potential double top forming at the $476.53 level, as the price has tested this resistance twice and pulled back. A breakdown below the $469 could indicate weakness and a deeper pullback, as it would trigger the Double Top patttern, with possible Fibonacci retracement levels acting as support. The 38.2% retracement level at $466 and the 50% retracement at $462 would be the next key levels to watch if the price pulls back further.
Overall, the price action is at a pivotal point. A breakout above $476.53 could lead to a continuation of the rally, while failure to break this level may result in a deeper pullback toward the $469.89 support and beyond.
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.
On the daily chart, QQQ has reached the key resistance level at $476.53, which corresponds to a previous high. The price has had a strong rally from the support at $448.19, showing consistent strength above the 21-day EMA. However, the area around $476.53 is critical because a failure to break above could signal the formation of a double top, which could lead to a bearish reversal. A clear breakout above this level would be necessary to invalidate the double top and confirm further upside, and in this case, the $484.43 would be its next target.
On the hourly chart, we can see a potential double top forming at the $476.53 level, as the price has tested this resistance twice and pulled back. A breakdown below the $469 could indicate weakness and a deeper pullback, as it would trigger the Double Top patttern, with possible Fibonacci retracement levels acting as support. The 38.2% retracement level at $466 and the 50% retracement at $462 would be the next key levels to watch if the price pulls back further.
Overall, the price action is at a pivotal point. A breakout above $476.53 could lead to a continuation of the rally, while failure to break this level may result in a deeper pullback toward the $469.89 support and beyond.
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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