QQQ: Trading at a Critical Inflection Point (1H & D Charts).

21 ส.ค.

1-Hour Chart (Left Side)

On the 1-hour chart, the price has approached a significant resistance level at $484.43. This level is critical as it has previously acted as a barrier, preventing the price from moving higher. The price is currently trending upwards, supported by the 21-period EMA, which has been providing dynamic support. A breakout above this resistance could indicate further bullish momentum, while a failure to break through, with tthe loss of thhe 21 EMA, might suggest a potential pullback or consolidation below this level, seen on the daily chart.

Daily Chart (Right Side)

The daily chart also emphasizes the significance of the $484.43 resistance. There is an open gap above the price, and if QQQ breaks its main resistance level, itt could seek the ATH in sequence, aided by this gap. The closing of this gap could be a critical event, as gaps often act as magnets for price action. The 21-day EMA is sloping upwards, reflecting the underlying bullish momentum, and the gap closure remains a key level to watch. If the price triggers a top signal under our main resistance, a pullback to the 21-day EMA would be expected.

Key Levels to Watch

Resistance: $484.43 is the immediate resistance level, with the gap closure being a crucial event.
Support: The 21-day EMA on the daily chart, along with the $467-$470 area, might provide support if the price faces rejection at the resistance.

Summary

QQQ is at a pivotal point where the $484.43 resistance and the gap closure on the daily chart could determine the next direction. A successful breakout and gap closure might lead to further gains, while a rejection could see the price retrace towards the 21-day EMA. We should monitor these levels closely for signals of the next significant move.

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Nathan.