Downtrend Broken Resist.Archive
- 9/22/2023 -
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NASDAQ 100 Trust Shares (QQQ) Technical Analysis
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|It was the negative week for the NASDAQ 100 Trust Shares (QQQ). During the week, the QQQ dropped -12.90 points, or -3.48%, and closed at 357.91 on Friday, September 22, 2023. Weekly volume was -11% below average. |
Long-term trend: [See QQQ long-term trend chart]
A long-term downtrend had started on November 22, 2021 at 408.70 and reached 254.26 on October 13, 2022. QQQ lost 154.44 points, or 37.79%, in 46 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (211.03) is broken. A broken support is considered to be a long-term bullish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.
Medium-term trend: [See QQQ medium-term trend chart]
A medium-term uptrend had started on October 13, 2022 at 254.26 and reached 387.98 on July 19, 2023. QQQ gained -133.72 points, or -52.59%, in 39 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 279.09 and resistance is at 416.29. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.
Weekly Technical Indicators: [See QQQ weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since August 18, 2023. Use the following link to access a MACD help.
Short-term trend: [See QQQ short-term trend chart]
A short-term downtrend had started on September 1, 2023 at 380.83 and reached 357.59 on September 22, 2023. QQQ lost 23.24 points, or 6.10%, in 21 days. Price is near the trend low.
Daily Technical Indicators: [See QQQ daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are strongly oversold. Use the Technical Stock Screener to see the list of stocks with daily strongly oversold Williams' Percentage Range and Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.
During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.
The price touches the lower Bollinger Band. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.