Thursday, December 28, 2006 10:38:22 PM
QQQQ - Thursday's 5-Minute Chart...
The QQQQ spent Thursday trapped between Gathering Support in the vicinity of $43.00 and Resistance in the vicinity of its 50-Day Moving Average.
Thursday's 5-Minute Chart (below) shows the QQQQ bouncing between Support and Resistance as mentioned above.
Friday represents the QQQQ's last chance in 2006 to recapture Resistance at its 50-Day Moving Average. The 50-Day stands at $43.38 going into Friday's trade.
The QQQQ must recapture and hold Resistance at its 50-Day Moving Average in order to regain a clean bill of health for the intermediate-term (the weeks and months to come).
Each day's area of Gathering Support and Gathering Resistance is calculated the night before:
The QQQQ spent Thursday trapped between Gathering Support in the vicinity of $43.00 and Resistance in the vicinity of its 50-Day Moving Average.
Thursday's 5-Minute Chart (below) shows the QQQQ bouncing between Support and Resistance as mentioned above.
Friday represents the QQQQ's last chance in 2006 to recapture Resistance at its 50-Day Moving Average. The 50-Day stands at $43.38 going into Friday's trade.
The QQQQ must recapture and hold Resistance at its 50-Day Moving Average in order to regain a clean bill of health for the intermediate-term (the weeks and months to come).
Each day's area of Gathering Support and Gathering Resistance is calculated the night before:
Buy at Support
Sell at Resistance
*
*
*
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
