Stock Chart Analysis QQQQ

Posted by downtowntrader | 5/14/2007 10:03:00 PM | 0 comments »

Stock Chart Analysis QQQQ

PowerShares QQQ Trust, Series 1 (ETF) (Public, NASDAQ:QQQQ)

While the Nasdaq has felt like it was rolling over the past few days, there is a chance it is starting to resume the uptrend. The daily chart looks a little confusing with a bullish candle sandwiched by a couple bearish ones, but the hourly chart may be showing a large triangle forming.

In examining the hourly chart below, I noticed a trendline break that warned me a short term top may be forming. This may still be the case, however, look at the two strong candle forming along the bottom of a potential triangle. While triangles are neither bullish or bearish, they usually end up being continuation patterns of the prior trend, which was up in this case. I will be keeping a close eye on that trendline the next day or two.

Good Trading,