Published on Wednesday, 21 December 2011 08:42
Written by Christian Paolinetti
Article from Traders Huddle.Com
New York, December 21st (TradersHuddle.com) - Shares of PowerShares QQQ Trust (NASDAQ:QQQ) ended close to calculated support at $54.17 with current price action placing the stock near levels that will raise attention of traders looking for an entry point.
PowerShares QQQ Trust (NASDAQ:QQQ) is a unit investment trust that issues securities called PowerShares QQQ Index Tracking Stock. The Trust holds all of the component securities of the NASDAQ-100 Index. The Investment objective of the Trust is to provide investment results that generally correspond to the price and yield performance of the NASDAQ-100 Index. Invesco PowerShares Capital Management is the Sponsor of the Trust and The Bank of New York Mellon is the Trustee.
Traders wanting to establish a position should pay close attention to PowerShares QQQ's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $57.62 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.
Shares of PowerShares QQQ Trust closed at $55.93 in the previous trading session.
PowerShares QQQ Trust (NASDAQ:QQQ) is a unit investment trust that issues securities called PowerShares QQQ Index Tracking Stock. The Trust holds all of the component securities of the NASDAQ-100 Index. The Investment objective of the Trust is to provide investment results that generally correspond to the price and yield performance of the NASDAQ-100 Index. Invesco PowerShares Capital Management is the Sponsor of the Trust and The Bank of New York Mellon is the Trustee.
Article from Traders Huddle.Com
