TQQQ Technical Analysis - Breakout and Key Levels
Technical Breakout:
On November 13, 2023,
TQQQ
experienced a significant structural shift with the breach of the $40 resistance level. The subsequent bull run in the tech sector propelled
TQQQ
to a peak of $61.22 on February 12, 2024.
Fibonacci Retracement:
After reaching the peak of $61.22 on February 12, 2024,
TQQQ
made an attempt to pull back, targeting the 0.618 Fibonacci level at $53.18. However, the retracement was not sustained, and
TQQQ
returned to the previous high of $61.22 on February 23rd.
Current Situation:
As we await the market open on Monday,
TQQQ
stands at a crucial juncture following the recent retest of $61.22.
RSI Divergence:
Since January 24th, we've observed RSI divergence, indicating a discrepancy between the price action and the strength of the trend. This could be a crucial signal, suggesting a potential shift in momentum that traders should closely monitor.
Upcoming Events:
This week brings important economic indicators:
Monday: Japan Inflation Rate
Tuesday: GfK Consumer Confidence and USA Durable Goods Orders
Wednesday: USA GDP
Thursday: USA PCE and Personal Spending
Friday: ISM Manufacturing
Market Expectations:
Anticipations are focused on the USA GDP, expected to perform worse than forecasted. This could influence market sentiment and potentially impact
TQQQ
's performance.
Forecast:
Given the current technical setup, RSI divergence and the upcoming economic events, there is a likelihood that
TQQQ
could move towards the 0.5 Fibonacci level of $50.69 by Friday, March 1st. Traders should closely monitor developments and be prepared for potential volatility.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Traders should conduct their own research and consider risk factors before making any investment decisions.
On November 13, 2023,
TQQQ
experienced a significant structural shift with the breach of the $40 resistance level. The subsequent bull run in the tech sector propelled
TQQQ
to a peak of $61.22 on February 12, 2024.
Fibonacci Retracement:
After reaching the peak of $61.22 on February 12, 2024,
TQQQ
made an attempt to pull back, targeting the 0.618 Fibonacci level at $53.18. However, the retracement was not sustained, and
TQQQ
returned to the previous high of $61.22 on February 23rd. Current Situation:
As we await the market open on Monday,
TQQQ
stands at a crucial juncture following the recent retest of $61.22. RSI Divergence:
Since January 24th, we've observed RSI divergence, indicating a discrepancy between the price action and the strength of the trend. This could be a crucial signal, suggesting a potential shift in momentum that traders should closely monitor.
Upcoming Events:
This week brings important economic indicators:
Monday: Japan Inflation Rate
Tuesday: GfK Consumer Confidence and USA Durable Goods Orders
Wednesday: USA GDP
Thursday: USA PCE and Personal Spending
Friday: ISM Manufacturing
Market Expectations:
Anticipations are focused on the USA GDP, expected to perform worse than forecasted. This could influence market sentiment and potentially impact
TQQQ
's performance. Forecast:
Given the current technical setup, RSI divergence and the upcoming economic events, there is a likelihood that
TQQQ
could move towards the 0.5 Fibonacci level of $50.69 by Friday, March 1st. Traders should closely monitor developments and be prepared for potential volatility.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Traders should conduct their own research and consider risk factors before making any investment decisions.