Below are different time frames with long and short term targets, support & resistance levels.
For a longer term target and support levels, I’ll start with a 3 year, weekly. Keep in mind there’s a large spread between first support of 87.85 and the target of 126.92. To compensate, I’ll drill down to shorter time frames.
QQQ – 3 year, weekly chart
To tighten the spread up, let’s drill down to a 1 year, daily chart. This gives us a target of 120.09 and first support at 102.32.
QQQ – 1 year, daily chart
Staying with a daily chart, let’s tighten the draw up a bit and continue to tighten the support to target spread. In the 1 month, daily chart below, you’ll see there is a current downside target of 109.23 with first resistance at 111.48. The daily candle on Friday, August 14th was able to close above the upper downtrend line.
From here, you’ll want to watch for a push through 111.48 and 111.83, which will create an upside target. If price can’t push thru these levels, support will be at 109.23.
QQQ – 1 month, daily chart
To trade this on an intraday level, I would drill down to a minimum of a 4 hour time frame.
Thanks for reading.