$ProShares UltraPro QQQ(TQQQ)$ NOV20 72C is still actionable.
Zone: $68.61 to $69.57
Invalidation: close under $67.43
Objectives: $73.43, then $77.79
The math: up 6.3% to the first objective and 12.6% to the second, against 2.4% risk on the invalidation, better than 5 to 1 to the second.
TQQQ fell from 72.61 to near 69.09 before the open, yet it is still holding above 67.43, the low from October 16 where buyers stepped in last time. That makes this a swing idea for a bounce, not a chase, because a leveraged fund like this moves about three times the Nasdaq 100. A modest recovery in the big tech names can carry it back toward those prior highs quickly, and a close below that foundation would tell us the idea is wrong.
One thing to watch next is whether QQQ can reclaim 725.20, its prior close, because TQQQ will follow that lead with extra speed.
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.
