CQQQ - breakout - long with close Stop loss
Hi Friends , breakout on daily time frame on
CQQQ
.
Look at the breakout with the Green candle peeping out of the triangle formation. RSI and ADX both showing strength (DM crossover the DM- but ADX still weak, but looks like gaining strength.
Watch out for possible retest of the newly found support line ( earlier resistance line) for a possible throwback down to the trend line and then momentum pulling to upwards if the news flow from the trade talks with China remain positive.
If the price renters the triangle then expect the lower support levels of the triangle to be tested fairly soon.
Please note, wait for candle formation (for daily timeframe, wait for close levels to confirm breakouts and also retest levels for finalizing any trade
One could look at entry at this level and place stop loss at 47.50 levels.
CQQQ
. Look at the breakout with the Green candle peeping out of the triangle formation. RSI and ADX both showing strength (DM crossover the DM- but ADX still weak, but looks like gaining strength.
Watch out for possible retest of the newly found support line ( earlier resistance line) for a possible throwback down to the trend line and then momentum pulling to upwards if the news flow from the trade talks with China remain positive.
If the price renters the triangle then expect the lower support levels of the triangle to be tested fairly soon.
Please note, wait for candle formation (for daily timeframe, wait for close levels to confirm breakouts and also retest levels for finalizing any trade
One could look at entry at this level and place stop loss at 47.50 levels.
