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Alpha TrendsAlpha Trends is dedicated to unbiased technical analysis of momentum stocks or stocks that look poised for a large move in either direction. It is updated by Brian Shannon with video and written technical analysis of the equities markets and individual stocks. |
10 Minute Chart Update For Qqqq
Posted on 08/09/2007 00:50:15 | Link | Post Comment
If you look at the Qs as making a double bottom and rallying past resistance at 48.50, the height of the pattern is 1.50 which added to the breakout point would give us a target above the 61.8% retracement and above the neckline of the head and shoulders pattern from 2 weeks ago. The target would be 50.00 (48.50 + 1.50). As always, targets give us guidance to where a move might go but they should not be blindly followed. Trail your stops higher.
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