We saw the Q’s trading in a lateral consolidated fashion a couple of times during the day and then saw it break to the upside. Let’s take a look:
- We see the first lateral consolidation and a bull flag within this wide range.
- We see price break from the bull flag and the lateral consolidation to the upside around noon.
- We see another Lateral consolidation during most of th afternoon and breaks upwards again.
- We see a bull flag with a little break upwards in the last hour of trading.
- The Q’s close was up from the previous day’s price close.
Pivot Points and Price Targets (Supports and Resistance) for Thursday, 02/21/08, for QQQQ to look out for:
- Pivot Point = 43.76
- Support 1 = 43.43. Support 2 = 42.91
- Resistance 1 = 44.28. Resistance 2 = 44.61
We started with a channel which broke upwards which led to another channel that brok upwards. The price action today was quite manageable and less volatile. There were clear signals and setups that would have been a profitable day for those who were looking out for them.
All in all, it was a smoother day for the Q’s.
Becareful out there and Trade safely!