Friday, May 29, 2015

$QQQ is bullish

Daily Chart
  • $QQQ is bullish as all Ichimiku Cloud elements are properly aligned.
  • Price is above the cloud and above both Tenkan Sen (blue line) and Kijun Sen (red line) - bullish
  • Tenkan Sen is above Kijun Sen and slanted upward which favors short-term momentum- bullish
  • Chikou Span is above the price curve 26 days ago - bullish
  • Kumo (cloud) is green - bullish
  • The last bullish signal issued was on May 19 as Tenkan Sen crossed above Kijun Sen
Conclusion: Investors should look for an entry point on a pullback or on a lower timeframe (i.e hourly chart, etc.) by scaling in.

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