FAKEOUT or BREAKOUT ?
QES has been trading above its upward sloping 20 days MA which is a good sign. Just broke the resistance 0.56 reinforcing the bullishness in the price movement. Ideally one would like to see an increase in traded volume to demonstrate the enthusiasm of the traders to push the price past the technical resistance level. However, there was a decrease in traded volume in this breakout. Hence, it is important to monitor the immediate price volume action to ascertain the validity of this breakout.
QES has been trading above its upward sloping 20 days MA which is a good sign. Just broke the resistance 0.56 reinforcing the bullishness in the price movement. Ideally one would like to see an increase in traded volume to demonstrate the enthusiasm of the traders to push the price past the technical resistance level. However, there was a decrease in traded volume in this breakout. Hence, it is important to monitor the immediate price volume action to ascertain the validity of this breakout.