June 20, 2012

Descending Broadening Wedge of QQQ

  • Before the wedge one has to see if price is able to takeout 100 Day SMA on closing basis. Failing to close above it will be negative for QQQ Bulls.
  • Above 100 SMA price should hit the resistance line of the Descending broadening wedge. Usually this pattern gives an upper breakout with the highest point inside the pattern as target. 
  • We had  a similar pattern in QQQ Daily chart which worked well for bulls.

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