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stock Breakout for day trading

advertise 2 ۩  Daily market forecast
 
Stock : QQQ |   Stock Recommendations :
Sector : ETF |   First Resistance :
Stock Name : ETF Powershares QQQ Trust Unit |   Second Resistance :
Buy Near : |   Third Resistance :
StopLoss : |   First Support :
Posted date : 5/17/2008 12:00:00 AM |   Second Support :


Last week ETF QQQQ broke the up trend line and closed below 200 MA. From last 15 trading day’s QQQQ moving around 200MA and facing strong resistance and finally last week it started down with negative divergence of stochastic and rate of change roc and increasing volume that’s a negative sign for ETF QQQQ.

    Short term indicator also indicating down trend so for swing trading you can go for short below $33.00 or near $34.45 with stop loss $35.40 and target 32.10 and for day trading it is advisable to stay away from long side and only prefer to go short.

It’s major component Apple (AAPL), Google (GOOG ), Research in motion (RIMM) also given a negative divergence of many technical indicator that support our view. You can you any of this component also for swing trading or day trading.




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