QQQ Weekend Update

• QQQ Short term is looking bullish. 
• Price having taken support at the support line of the consolidation pattern can move up to 59.30 level next week provided it does not fall below 56.57.
• Stochastic indicator in daily chart is coming up from oversold level which might help bulls to continue the momentum of last three days.
• So one can try a long trade with 56.57 as stop loss.
• Price has closed near 50 DMA and in weekly chart at 20 Week moving average. So look for a daily close above 50 DMA for going long. If price gets resisted at 50 DMA we may see a fall.