Today we'll analyze the Stock QID for online market trading,
Technical indicators to notice:
1- Last bullish trend was from 46.75$ (02/01/08) to 55.16$ (03/07/08) a 8.41$ move
2- The current bearish trend started from 55.16$ at 03/07/08 and is currently trading at 45.19$.
3- The stock current support level is at 44.46 which is the 127.20% fibonacci retracement of the last 8.41$ move.
4- The stock current resistance level is at 46.75 which is the 100.00% fibonacci retracement of the last 8.41$ move.
5- According to ADX, the trend is currently strong bullish, which is getting stronger.
Short term chart patterns :
6- The Stock was supported by a support line, identified by two points: 46.75 and 36.74 that was broken down at 54.34 transforming into a resistance line.
Mid term chart patterns :
7- The Stock was supported by a support line, identified by two points: 46.75 and 36.19 that was broken down at 54.34 transforming into a resistance line.
Long term chart patterns :
8- The Stock was supported by a support line, identified by two points: 36.19 and 34.1, and is currently supporting at 43.296.
Conclusion:
QID was trading in a strong bullish wave, which is becoming stronger .
Technical indicators and chart patterns show bearish direction,
recommend hedging long positions or entering short position or bearish spread options strategy .
Resistance Levels: 46.75, 47.54, 49.00, 49.96, 50.17, 50.96, 51.35, 51.95, 53.18, 55.16, 58.63, 61.76.
Support Levels: 44.46, 43.30,.
We Moved!!
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Monday, April 7, 2008
UltraShort QQQ ProShares (ETF) (QID) Technical Analysis
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Shadi
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