Another week of market action is now in the books. Checking up on the Qs we see the long term, 172-week EMA, body support line was not at risk.
Not out of the woods yet (sheer size, ha?); price is still around and can easily pay another visit to the support line. Up above within our sight are the two body and wick resistance lines, and they are getting closer:
Zooming in:
For now, the 172-week EMA body support line is our reference. If it gets shattered in the coming weeks, the Qs may pay a visit to the wick support line- the 275-week SMA. However, it wouldn’t be impossible to see QQQ’s price seesaw around the body support line for a few candles while the resistance lines get closer and closer. Then, price could break out to the upside. Or downside, who knows?
Will History Repeat Itself?
But here’s another view: check out the big green candle that bounced off the 172-week EMA body support line in the week of March 23rd, 2020, plus the small red candle in the following week. The red candle was formed next to the top area of the green candle. Now, look at the big green candle that bounced off the line two weeks ago (candle closed a week ago), and look at the small red candle from last week. It too formed next to the top area of the green candle. If history repeats itself next week, we should see an upward direction from here.