TQQQ is in a corrective market drive. The reasons for this are due to the price barrier that the market met, and as well as being in an overbought position, thus the market is trying to adjust, to continue the bullish trend that is yet to finish.
Supply levels: $60, $63, and $68
Demand levels: $54, $51, and $46
TQQQ Medium-term Trend: Bullish
The TQQQ medium-term trend has been bearish for a while now, is the trend is doing a market correction, hence standing aside or putting up a buy pending order a little above the price resistance level of $60, might be an ideal trading idea. Also, a price breakout of this level resistance will mean a continuous bullish trend; the price can even surge higher to the resistance level of $68.
An analytic x-ray of the daily market chart shows that the price is above the 14 and 50 Exponential Moving Average, also the MACD Histogram bars and signal, thus indicating a bullish trend outlook.
TQQQ Short-term Trend: Ranging
Due to the corrective moves of the market, the 4-Hours chart is on the counter-trending mode. Executing order will not be a good market decision, so waiting for the price to move above the next key level will be a conservative decision making.
In exhuming the 4-Hours chart, the MACD signal lines are trying to close up and the price is within the tight twist of the 14 and 50 Exponential Moving Average, thus an indication of the ranging market trend.
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