PowerShares QQQ Breaking Out?

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PowerShares QQQ Breaking Out?

Published on Monday, 06 February 2012 09:14 Written by TradersHuddle Staff

qqq New York, February 6th (TradersHuddle.com) - Shares of PowerShares QQQ Trust (NASDAQ:QQQ) closed the trading session at $62.05 just above calculated resistance at $60.21 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

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.

PowerShares QQQ's stock was trading in a well defined range with support at $54.17 and resistance at $60.21, given that this range was broken traders will be closely monitoring the stock

NASDAQ Technical Outlook (QQQ) - Benzinga
QQQ: Primed for a Move - TheStreet.com
How Options Expiration Affects Stock Prices - TheStreet.com

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