| QQQQ Trend Analysis - 7/7/2006 | ||
| Last week our QQQQ trend analysis suggested that an "up trend from the June 13 is a channel with a support/resistance level at 37.42 / 39.14". So far this channel controls the QQQQ price movement. On Monday June 30, QQQQ reached the resistance level 39.14, turned down and closed the week at 37.69.. | ||
| Long-term perspective: Our long-term perspective has not changed. Long-term QQQQ chart presents a channel started in mid 2003. QQQQ reached the support line on June 13. Some technical indicators and the trend analysis suggest that long-term uptrend might be completed and the long-term support line might me broken soon. We expected the rally to be short and QQQQ at least to retest the long-term support line again. That is exactly what we see now. Since last Thursday the rally has failed, QQQQ moved lower and closed on Friday at 37.69. The long-term trend support is now at 37.30 (± 0.66) level. In addition we would like to mention that DIA already has broken the long-term trend support (113.32) and SPY has pierced the support trend line (127.57). Unlike QQQQ they have daily William's Percentage Range and Lane's Stochastic in overbought area. | ||
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| Short-term perspective: QQQQ short-term weekly uptrend is the rising channel with support/resistance level 37.50 (± 0.15) / 39.22(± 0.15). The price is near the support level. Weekly oversold William's Percentage Range and Lane's Stochastic may help QQQQ to rebound from the support line, but this rebound might be short and weak. If QQQQ breaks the 37.50 support level then we-ll have long-term support line at 37.30. | ||
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| Presented by www.thegreedytrader.com Research Group. | ||
Sunday, July 09, 2006
QQQQ Trend Analysis - 7/7/2006
