The Invesco QQQ Trust (QQQ) hit an all-time high Wednesday for the second straight session as tech stocks continued to rally.

The fund, which tracks the Nasdaq 100 index, lost around a quarter of its value between mid-February and early April, dragged down by concerns over big tech’s significant AI spending and uncertainty over the economic impact of President Trump’s “Liberation Day” tariffs. The ETF has recovered all of those loses as concerns about trade policy have subsided and corporate earnings have been generally strong.

The QQQ gained 0.3% to close Wednesday’s session at around $541. The fund is now up 6% since the start of 2025.

Below, we break down the technicals on QQQ’s chart to identify price levels that investors will likely be watching.

Flag Pattern Breakout

After gapping above the neckline of an inverse head and shoulders formation last month, the QQQ fund continued trending higher before consolidating within a flag pattern just below its record high. The fund broke out from the flag in Tuesday’s trading session, paving the way for a further move higher.

Meanwhile, yesterday’s bullish price action coincided with an uptick in the relative strength index, though the indicator remains below overbought levels, providing ample room for the ETF to continue its uptrend.

Let’s apply technical analysis to QQQ’s chart to project overhead price targets and also identify two crucial support levels worth monitoring during retracements.

Bars Pattern Overhead Target

Investors can project an overhead price target by using the bars pattern tool. When applying this technique to QQQ’s chart, we extract the price bars comprising the fund’s move higher following the breakout from the head and shoulders formation and overlay them from the flag pattern’s breakout point. This projects a target of around $575.

Measured Move Overhead Target

The measured move technique, also known as the measuring principle, analyzes chart patterns to project future price movements. When applying this analysis, we calculate the distance of the inverse head and shoulders from bottom to top in points and add that amount to the formation’s neckline. For instance, we add $92 to $494, which forecasts a target of $586.

Support Levels Worth Monitoring

A retracement in the fund could see an initial retest of support around $524. This area may attract buying interest near the base of the flag pattern and a period of consolidation that formed on the chart throughout late May.

Finally, a decisive close below this level could lead to a retest of lower support at $494. Investors may seek to accumulate QQQ shares in this location near the inverse head and shoulders’ neckline, which also doubles as a horizonal line that connects a series of trading activity on the chart extending back to last September.

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As of the date this article was written, the author does not own any of the above securities.