July 3, 2012

QQQ Descending broadening wedge an update

  • QQQ trying to stay above 100 Day SMA. Last attempt to stay above it was failed, Daily candle closing above it should take price to the resistance line of the wedge.
  • Descending broadening wedges are known to give upper breakouts in most cases. A similar pattern in qqq gave an up trend as shown in the last chart of this post.

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