S&P - Weekly Price Forecast
Right now the price is testing a potential trendline for the 2nd time.
Lower timeframes are oversold indicating a potential double top on the StochasticRSI.
However, if selling pressure continues, we could break the trendline and sink to a support level of roughly 2693 over the week. At that point, there is strong psychological resistance as well as support from the Kijun and Tenkan Sen on the way down.
Future narrowing of the Kumo shows a possible pullback, but the thinning of the cloud also indicates lesser volatility coming up.
I am more bearish on this set up due to the fact that price has moved in the converse direction of volume as illustrated by the light blue lines.
My weekly price forecast rests between 2693 -2882
Lower timeframes are oversold indicating a potential double top on the StochasticRSI.
However, if selling pressure continues, we could break the trendline and sink to a support level of roughly 2693 over the week. At that point, there is strong psychological resistance as well as support from the Kijun and Tenkan Sen on the way down.
Future narrowing of the Kumo shows a possible pullback, but the thinning of the cloud also indicates lesser volatility coming up.
I am more bearish on this set up due to the fact that price has moved in the converse direction of volume as illustrated by the light blue lines.
My weekly price forecast rests between 2693 -2882
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Join The Spekre ACS Creator Pool and gain access to exclusive trading indicators, copy trading, exclusive content, and more tools in the future! Link: hub.accessprotocol.co/creators/J8TpW6cypxheFUYjWn4mxS6ExvBEMxyMiRvrf43Nhnvy
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.