December 2, 2010

Powershares QQQ Trust Near resistance area

  • QQQQ is trading near the resistance line of a broadening pattern in 30 minutes chart
  • Price may get resisted here But the black dotted line may give support in case of a correction.
  • Large correction will be possible only if the dotted line gets broken.
  • If the up move is to continue from this level price needs to breakout above this pattern. 
  • One more thing to note is the presence of an unfilled GAP in the chart

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