TQQQ market is insisting on the bullish move though is now trying to retrace to a comfortable zone to continue the bullish trend. Breaking out of its nearest resistance level will trigger the bullish outlook to a higher level.
Supply levels: $60, $63, and $68
Demand levels: $54, $51, and $46
TQQQ Medium-term Trend: Bullish
The medium-term outlook of the market is bullish; some parameter of indices supports this accretion. Looking at the candle closure of June 6, there was an engulfing candle closure, thus a strong price action indication for a bullish market.
Though the market price just had a touch on the 50 Exponential Moving Average, close to the price resistance level of $60, thereby creating a stiff resistance, thus the market is trying to re-adjust a little to gain the needed momentum to cross that area. However, the Parabolic Sar Indicator is on the bullish trend support.
TQQQ Short-term Trend: Ranging
The current barrier the market is facing is due to the key resistance level the price encountered. Thus the price is hovering within this area, causing momentum to drop in the market. The expected market volatility will take place once this key level is broken.
The market has been flat from the looks on the chart. Technical Indicators like the 50 Exponential Moving Average and the Parabolic Sar are close to the current market price, thus signaling a counter market. Also, the Stochastic Indicator is also showing a flat market, judging from its look.
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