Today i notice 2 stocks listed on QQQ go parabolic; Those stocks were Msft and Oracle. They broke completely out of their weekly channel. These moves were brought upon by ridiculous price upgrades. Growth stocks have been rallying since early june. Right now QQQ monthly RSI is 80. What it think will happen next week at the start of tech earnings will be the beginning of a sell of sorta like what we seen in May after April's bullish run. All earnings will sell because the price will is already cooked in. after a trip to
I circled in green to show how there might be a false breakout. Target is channel bottom at 342 after a trip to 368. Similar to how May was bloody after aprils run, i think August we will see tech corre ct.
After 368 , wait for a break in trendline for reversal conformation
I circled in green to show how there might be a false breakout. Target is channel bottom at 342 after a trip to 368. Similar to how May was bloody after aprils run, i think August we will see tech corre ct.
After 368 , wait for a break in trendline for reversal conformation
