TQQQ has continued to hover around a key resistance area; the market could not produce the needed momentum to break through this barrier level. Thus patience is the key.
Supply levels: $60, $63, $68
Demand levels: $54, $51, $46
TQQQ Medium-term Trend: Ranging
The price resistance area of $60 has been a major barrier for the price to break through, thus waiting for the price to break this level will be ideal for trade execution. A break or rejection of this area will help to define the real market trend whether it is going to be bullish or bearish.
From the daily chart, the MACD Indicator Histogram bars and signal lines have not been able to cross for a bearish indication; also the 14 and 50 Exponential Moving Averages are facing the North Pole, meaning that there is no defined trading signal.
TQQQ Short-term Trend: Ranging
The Short-term trend of the stock has been ranging since the price met a barrier, the market has lost momentum, and the price is just dangling on the resistance level.
The 14 and 50 Exponential Moving Averages are yet to cross for a bearish signal, while the Histogram bars of the MACD is on the south-side but with a weak market indication.
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