Thursday 25 October 2018

TQQQ: Lost support at key cloud chart levels!

TQQQ: Lost support at key cloud chart levels!

On the daily chart the TQQQ did not manage to hold support at $54 after the first rebound back up to the bottom end cloud chart resistance of 61.85.

Support failed after the second test of the 54 zone, and then the 52 zone failed as well. Now the TQQQ is getting closer to the 47.71 old cloud chart support zone! Critical day ahead!

Outlook remain bearish since price action is below the cloud!

On the weekly cloud chart the TQQQ tested the top end cloud support zone of 52.42. but support failed at this level. Next target for support is at the bottom end of the cloud level of 47.42!

We need to see a rebound at these levels, for it the TQQQ starts to trade below the bottom end of the cloud, this will be overall bearish for the weekly chart! Critical few days ahead!

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