A member reached out to ask what I think about buying TQQQ.
Here are my thoughts…
The quarterly chart shows the undeniable, extended and ongoing upswing in prices.
We have just over a week before May comes to a close. Where price closes in the range of the candle for this month will tell us a lot.
The weekly chart provides good levels to watch for some resolution of the recent price action.
The daily chart looks heavy here unless price can find it’s way higher before confirming the potential short signal.
2 Hour Chart
Here’s where you can look for buy trade setups if you can check the charts every 2 hours each day. As long as price stays above $94.63 wait for price to exceed the high of a previous candle then look to buy. There are a number of places to put stops, but I would place it just below that $94.63 swing low.
The Trader Says:
The best opportunities sometimes present when they look least likely. Use the 2 hour if you can or, in the alternative, use a similar setup on the daily as long as price stays above that support level at $94.63.
As always, whatever you do, mind your risk.