Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Mark Putrino

BZ Chart of the Day: QQQ Gaps Lower

It looks like the selloff in the technology sector will continue. The Invesco QQQ Trust ETF (NASDAQ:QQQ) is gapping lower. The bears seem to be firmly in control.

If QQQ reach the important $320 level, there’s a good chance it rebounds. There was support at this level in February and March.

Sometimes, support levels can stay intact for a long time, and that could happen here.

Support is a large group of investors who are looking to buy shares at, or close to, the same price. In this case, it’s $320.

At support levels, there is more demand for a stock than there is supply of the shares. This is why downtrends end when they reach them.

And sometimes stocks rally off of support levels. It happened before with QQQ. It may happen again.

To learn more about trading, check out the new Benzinga Trading School.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.