Why We Should Trade TQQQ Now -> Potential of $47 and Beyond!
I believe we have seen $Nasdaq100 Bull 3X ETF(TQQQ)$ performance over the last few trading days, it has its low on 10 Jul 2023, that was a time for entry.
If you have done so, that would be a more than 13% gain.
In this article, I would like to examine why TQQQ have been trending so well upside, is it really because of the positive CPI and PPI?
I will use Technical Analysis to tell me why.
Technical Analysis - Average Directional Index (ADX) on TQQQ
Even though we see that TQQQ have given us a very nice rally, from the ADX it is actually between 20 and 40, which mean that it is in a developing trend.
And from +DI is above -DI, I can see that this developing trend is bullish upward and with a good strength.
I will be looking for a price adjustment next week to around $40 before planning to load some. I will look for any potential reversal next to determine if TQQQ is indeed in a bullish rally.
Technical Analysis - Parabolic SAR on TQQQ
From SAR, I can see that TQQQ actually have a bullish reversal near end of June, and since then it has been trending upwards.
This might explain why ADX is showing us a developing trend. I would think there are more potential upside to this bullish trend for TQQQ.
Summary
I would think TQQQ will experience some adjustment downwards next week (17 Jul) and that would be another good time to load some TQQQ.
If the NASDAQ rally continue beyond the rebalance on 24 Jul, this could be a long rally.
Appreciate if you could share your thoughts in the comment section whether you think TQQQ is a god investment for long term?
@TigerStars @Daily_Discussion @TigerWire appreciate if you could feature this article so that fellow tiger would benefit from my investing and trading thoughts.
Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.)
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AI tech is getting more attention, inflation going down, rates will eventually go down. Bear market is over, they'll be minor adjustments but we are most likely out of recession. Congrats on those that held since 16
TQQQ at $50 very soon.Don't waste the opportunity.
Why tqqq keep on overbought?