TQQQ met a stiff price barrier level yesterday and could not break out, rather the price closed above it, and today’s price opening is also above that resistance level, and the question remains if the market price can go beyond it?
Supply levels: $60, $63, $68
Demand levels: $54, $51, $46
TQQQ Medium-term Trend: Ranging
TQQQ short-term trend is obviously on the ranging side, the market is about breaking the price resistance level of $60, if it does then the bearish market demand can be granted, but a rejection of this area might mean a change in market direction for the bulls.
From the daily chart the price can be seen above the 14 and 50 Exponential Moving Averages, and the MACD Indicator Histogram bars are yet to confirm the bearish indication.
TQQQ Short-term Trend: Ranging
The short-term trend of TQQQ is a flat market situation; the price is above a market resistance level, avoiding trading within there will be a proper market perception, not until the price breaks out of this level, and the market might also change its direction if it couldn’t break it.
The market price is in-between the 14 and 50 Exponential Moving Averages, while the MACD Indicator Histogram bars are slightly indicating a bearish drive.
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