QQQQs bounce back into trendline
Last week I posted a picture of the r month daily Qs chart and noted that the price was failling below a trendline which has offered three months of support. Since the Qs had already broken through the line I wrote that this could be the start of a trend reversal. Apparently not!!
The Qs have bounced back with avengance! The Qs fund made its intrady high at 43.31 on January 14th of this year. Will the fund be able to break this high? Currently 43.31 is in about the middle of the trend channel. If the Qs are to reach the upper end of the channel again they would easily roll past that high.
I hope to post a chart which illustrates what I’ve just described. This morning I had a little technical difficulty with the “mail chart” functionality at the optionsxpress website while I was on the train.
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