December 12, 2010

QQQQ Chart analysis

  • First chart is the inverted head and shoulders pattern of QQQQ in its weekly chart with neck line near 50.65 levels. Pattern has given a breakout above the neck line.
  • Second chart is the ascending channel which is also looking bullish for now.
  • Third chart shows price hitting a resistance line in weekly chart at 54.55. So next week if price trades below this level there can be a minor correction.
  • Large correction may happen only if the channels support line gets violated. Major support for qqqq will be between 50.45 - 50.65 near the neck line of the inverted head and shoulders pattern.

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