Technical Analysis of QQQ
Daily trend: consolidating between 383 and 394.
Weekly trend: strong bullish uptrend after bottoming in October and breaking out of previous 2023 high of 387
Volume: Average volume the past 10 trading days
RSI: Daily RSI close to oversold levels but can remain elevated for some time.
Bollinger band: Width is contracting indicating a large move is impending. This is not necessarily bearish as stock price can follow or touch repeatedly the upper band for some time
MACD: Turned negative on 1 Dec but it is a lagging indicator and trend looks like it is turning positive soon
Seasonality: Bullish bias going into the close of 2023 a pre-election year.
Price target: Likely to test ATH of 408 in the coming 2 weeks
Suggested action: Lean strongly into the trend once price action breaks out of the current consolidation with good volume
Modify on 2023-12-09 17:30
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