The QQQ’s. Short and long term targets.

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

QQQ 3 year, weekly chart.

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

QQQ 1 year, daily chart

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

QQQ 1 month, daily chart

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.

Dave

 

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