QQQ Shows Strong Development – Powershares QQQ ETF shows strong development within a rising trend channel, according to Investtech. Investtech, the analytical research company today, 17th January 2020, provided an update on their view of the Powershares QQQ ETF. The daily free analysis they offer on their homepage can be found here.
It suggests increasing optimism towards the ETF and a continued rise in price as well as providing insight into the underlying technicals of the QQQ ETF.
The analysis suggests the share price has broken through support at $190 and suggests there is no resistance in the price, indicating a further rise in price. The research note advises the ETF has support at $190 and no resistance. However, volume tops and bottoms are noted as corresponding badly with price tops and bottoms. This serves to weaken the rising trend and is a potential signal for a coming trend break.
An outline of the analysis is below:
Powershares QQQ shows strong development within a rising trend channel in the medium long term. This signals increasing optimism among investors and indicates a continued rise. There is no resistance in the price chart, and a further increase is indicated. In case of an adverse reaction, the stock has support at approximately 190 dollars. Volume tops and volume bottoms correspond poorly with tops and bottoms in the price. This weakens the rising trend and could be an early signal for a coming trend break. The short term momentum of the stock is strongly positive, with RSI above 70. This indicates increasing optimism among investors and further price increase for Powershares QQQ. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. The stock is overall assessed as technically positive for the medium long term.
Danny Deegan is the owner and proprietor of stocktipsguru.com. Born in the UK, currently working within financial services with an emphasis on equity investments.