S&PSL20
This chart and analysis are not financial advice. Do your own research before trading or investing.
On the weekly chart, the Index closed with a bullish "Hammer Candlestick," signaling a potential bullish reversal, even though it closed within the 3032-3075 range.
The weekly RSI indicator maintains its integrity, respecting the supporting trendline.
Shifting to the daily chart, a robust green candle almost wiped out three days of index point losses. It shattered the 10-day moving average (DMA) during this upward surge, initially honoring the 2890-2945 support zone and ending within the 3032-3075 range.
The next obstacle is the immediate resistance at R TL #1. Subsequently, the index's behavior within the 3125-3146 range, which coincides with the DMA 10, will be crucial to watch.
In the daily RSI indicator, the index found support from the trendline, with the immediate challenge being the breach of the short-term R TL.
This chart and analysis are not financial advice. Do your own research before trading or investing.
On the weekly chart, the Index closed with a bullish "Hammer Candlestick," signaling a potential bullish reversal, even though it closed within the 3032-3075 range.
The weekly RSI indicator maintains its integrity, respecting the supporting trendline.
Shifting to the daily chart, a robust green candle almost wiped out three days of index point losses. It shattered the 10-day moving average (DMA) during this upward surge, initially honoring the 2890-2945 support zone and ending within the 3032-3075 range.
The next obstacle is the immediate resistance at R TL #1. Subsequently, the index's behavior within the 3125-3146 range, which coincides with the DMA 10, will be crucial to watch.
In the daily RSI indicator, the index found support from the trendline, with the immediate challenge being the breach of the short-term R TL.