Trading Idea: Is PowerShares QQQ Breaking Out?

Published on Monday, 05 March 2012 09:14 Written by TradersHuddle Wire

New York, March 5th (TradersHuddle.com) - Shares of PowerShares QQQ Trust (NASDAQ:QQQ) closed the session at $64.92 just above calculated resistance at $63.86 effectively breaking out grabbing the attention of momentum traders, which could eventually push the stock to different trading range

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 $63.86, given that this range was broken traders will be closely monitoring the stock