Q's once again bounced between
Pivot support and R1. Early on we had a
cup w. handle type of pattern (on 5-min.) that started breaking out (around 12:15p.m.) but couldn't get past the $29.60 level. Some big moves followed that R1 rejection
After we sold off below the 20EMA on our Daily chart price formed a bullish momentum divergence, which coincided with a tag of the 50-EMA on our 15-min chart, price then rallied for another shot at $29.60 (again denied). Finally, price closed just under the Daily 20-EMA.
The NasdaqTICK spent most of the day in positive territory, while price tests and bases around $29.50.
An ascending triangle breakout would bring a measured move of around $31 on the Qs (breakdown at around $27.50).
After we sold off below the 20EMA on our Daily chart price formed a bullish momentum divergence, which coincided with a tag of the 50-EMA on our 15-min chart, price then rallied for another shot at $29.60 (again denied). Finally, price closed just under the Daily 20-EMA.
The NasdaqTICK spent most of the day in positive territory, while price tests and bases around $29.50.
An ascending triangle breakout would bring a measured move of around $31 on the Qs (breakdown at around $27.50).
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