FNGU Channel

This is the FNGU ETF at the 4 hour. It's a 3x leveraged ETF for mainly big tech. Well, FATMANG stocks make up over 40% of the NQ - possibly more by now.

This is one of my favorite ETFs to swing trade and scalp. The channels are aligned with the NQ channel that I published. FNGU found support at the middle of its channel... just like NQ. I am not sure how far this bounce will be.

NQ can make great gains, but the weak breadth makes rallies hard to sustain.

This is why I am waiting for the NQ to reach a major support. As you can see with FNGU, you can lose a lot in one day. If you wait until major support, you can serious bank the big bounces. The last big bounce increased the FNGU by over 60% within 2 weeks.

I am not a financial advisor. However, I would not recommend holding this ETF for long periods of time. 1-5 trading sessions at most. If you want to mitigate your risk, just scalp it.