Oversold daily stochastic for $QQQ- bounce likely?

GMI1/6
GMI-20/8
T210831%

In the recent past, anytime the daily 10.4 stochastic (red line lower chart) approached 20, the index bounced. As this daily chart shows, QQQ is now registering 21. It has already found support at its lower 15.2 Bollinger Band. If the QQQ fails to bounce soon, this could be an important sign of weakness.

 

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