Looking from weekly chart of the QQQ since 2003, we can see that there are 2 distinctive trading channels.
The one from 2003 to 2008 has an overshoot in 2007 to early 2008. That ended up being a false breakout. The price went back to the channel.
The current from 2009 has an overshoot since mid-2020. There is a chance that this is a false breakout as well. The price could go back to the channel.
This is something to keep in mind. Trade and plan accordingly and do your own analysis.
Thanks.
The one from 2003 to 2008 has an overshoot in 2007 to early 2008. That ended up being a false breakout. The price went back to the channel.
The current from 2009 has an overshoot since mid-2020. There is a chance that this is a false breakout as well. The price could go back to the channel.
This is something to keep in mind. Trade and plan accordingly and do your own analysis.
Thanks.
Comment:
It could be on its way back down to the channel in late Feb and March
Comment:
50 SMA is touching the 150 SMA on the QQQ so watch out.