Top likely in, price targets re-activated, more downside awaits

In this concise update, we would like to reiterate that the recently introduced setup remains valid. Additionally, after the breakout below the immediate support, our price targets became active again. Accordingly, we stay committed to our price targets at 280$ and 270$ for QQQ (and 10 000$ for NQ1!). Our views continue to be based on the persistence of bearish fundamental factors and significant exhaustion in technical indicators over the past few weeks.

Illustration 1.01

Illustration 1.01 displays the setup we introduced recently.

Technical analysis - daily time frame
RSI, MACD, and Stochastic are turning bearish. DM+ and DM- are due to perform a bearish crossover. Overall, the daily time is bearish.

Illustration 1.02

Illustration 1.02 shows the daily chart of QQQ and simple support/resistance levels. The yellow arrow indicates a bearish breakout.

Technical analysis - weekly time frame
Stochastic points to the upside. MACD also points to the upside but stays in the bearish zone. RSI is neutral. DM+ and DM- are bearish. Overall, the weekly time frame is neutral.

Please feel free to express your ideas and thoughts in the comment section.

DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.

トレード終了: 利益確定目標に到達:

Our price target of 280$ was reached during the time of publishing this article.