$QQQ Nasdaq ETFs
The ETF has been trading in an ascending channel for a long time.
On 07/09/21, the ETF reached the resistance line of the channel and created a new high at a price of 382. Immediately afterwards, we witnessed profit taking, and the ETF fell by about 7% and stopped at the support line of the channel in the resistance area of 349-352, which is also the 50% support line of the Fibonacci retracement.
The ETF is performing a reversal on the support line of the ascending channel and is currently on its way to retest the 380-382 resistance area, which is an all-time high.
Where are we headed? Of course, no one knows, and we are not prophets, but! A breakout of the all-time high could bring us to a price of $400.
Failure to break out and we will drop to retest the support line; a break of which could lead to a correction, with the next support line at 340.
Nothing stated herein constitutes a recommendation to act!