Submitted by admin on Mon, 12/14/2009 - 21:45
Posted in
Power Shares QQQ Trust (QQQQ) which tracks the NASDAQ stock index is forming what appears to be an ascending triangle. This is considered a bullish formation, but you need a breakout to the upside for confirmation. The volume typically decreases throughout the formation of the pattern. Read on for price targets.
The minimum price target for QQQQ would be $46/share, if it breaks out to the upside. You can check out the tutorial on how this was derived. The average rise on this pattern is generally more than 20%.