The stock had a twisted market approach today, the candle took a bearish outlook down to a resistance level, and a break of this level will confirm the bearish trend.
Supply levels: $60, $63, $68
Demand levels: $54, $51, $46
TQQQ Medium-term Trend: Sideways
TQQQ could not continue with the bullish expectations, rather it reversed to a price resistance level of $60, thus a breakout from this level will mean that the pair will continue with the new bullish call, but if the price will hold to this barrier level the trend will continue with the initial bullish trend.
From the daily chart, the price is going down to meet up with the 14 and 50 Exponential Moving Averages that was crossed for a bullish position and the MACD Indicator Histogram bar on the bullish side too, thus the market indications are twisted, which calls for a counter-trending.
TQQQ Short-term Trend: Flat
The short-term trend of the market had a little market momentum today but the price has not made any significant moves out of a resistance level, hence the trend is a flat one.
The 4-hour chart MACD Histogram bars are just showing a little sign of bearish indication, while the 14 and 50 Exponential Moving Averages are crossed for a bullish indication.
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