10/5/2019 Stocks bounce from midweek slump. Good time to sell or go short into a gap up (or upwards move) on Monday in the 190-192 price range. I think there’s one more leg down before we reach a local bottom.

Welcome back. 

QQQ Weekly 10_5_2019

Despite the strong move upwards on Thursday and Friday this week, I think we are likely to have another leg down before reaching a local bottom. I’ve labeled the supply zone (resistance), and the demand zone (support). I suspect we will have another small move upwards to trap the buyers before moving sharply lower towards the supply zone I’ve labeled in the chart above. 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s