SP500 will lose more value.
4200 was an important support zone.
Price formed a double bottom and cant hold it, the 2. time.
This is a strong case for bears.
Also if you look at the "curved trend line" you will see price try to breakout above it for a month.
It got rejected and now we are trying to find the bottom.
(Curved trend line is an indicator that works like a trend line.
If you want to know more about it check out the link below!)
4072 is an important support level and if price cant hold it, next move will be below 4000.
Short term price targets are
3958
3893
3716
If price breakout below 4072 with volume, this year price can test 3716 levels.
For bulls, price should test "curved trend line first" which is above 4350 resistance zone.
This is a strong zone and i do think price cant go above 4350 area this year.
This is fifth red week.
There should be a consolidation period in the next couple of weeks but upward price movement will be limited.
Sideway actions are possible.
Follow for more ideas and charts!
4200 was an important support zone.
Price formed a double bottom and cant hold it, the 2. time.
This is a strong case for bears.
Also if you look at the "curved trend line" you will see price try to breakout above it for a month.
It got rejected and now we are trying to find the bottom.
(Curved trend line is an indicator that works like a trend line.
If you want to know more about it check out the link below!)
4072 is an important support level and if price cant hold it, next move will be below 4000.
Short term price targets are
3958
3893
3716
If price breakout below 4072 with volume, this year price can test 3716 levels.
For bulls, price should test "curved trend line first" which is above 4350 resistance zone.
This is a strong zone and i do think price cant go above 4350 area this year.
This is fifth red week.
There should be a consolidation period in the next couple of weeks but upward price movement will be limited.
Sideway actions are possible.
Follow for more ideas and charts!
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Curved trend line education
