$ProShares UltraPro Short QQQ(SQQQ)$ Looking at the 3-minute chart, this is a good example of the market respecting key support and resistance levels. Price broke above the critical 38.00 liquidity zone, then pulled back to retest it as support. Buyers stepped in quickly and defended that area aggressively, confirming the breakout. That successful reclaim attracted fresh buying pressure, allowing price to hold above VWAP and fuel the next leg higher.
If you zoom out to the 1-hour timeframe, you'll notice that price has broken above the 50-period EMA and RSI is now holding above 50, both of which support a bullish outlook.
For this A+ setup, price targets are 38.56 and 38.82.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
