SPY 1H Analysis: Bearish Breakdown Below Key Support
SPY (S&P 500 ETF) Price Analysis: Potential Breakdown from Consolidation Zone
Chart Overview:
Asset: SPY (SPDR S&P 500 ETF)
Timeframe: 1-hour (1h)
Trend: Bearish movement developing
Key Observations:
Support and Resistance Levels:
The price is currently within a blue consolidation zone between 590 and 597.
There is a major resistance around 612, which previously acted as a rejection point.
The lower boundary at 590 is a key support level.
Bearish Structure:
The price recently tested the upper range but failed to break out.
A rejection from the 597 resistance level suggests weakness in buying pressure.
The price action is forming a lower high, indicating the potential for a downside move.
Breakdown Expectation:
If the price breaks below 590, a significant sell-off could occur.
The next target for a potential drop would be 585 or lower.
Conclusion:
Bearish bias: If price fails to hold above 590, further downside is expected.
Key level to watch: A confirmed break below 590 could lead to a continuation of the downward trend.
Potential trade setup: Short opportunities below 590 with a target towards 585.
Chart Overview:
Asset: SPY (SPDR S&P 500 ETF)
Timeframe: 1-hour (1h)
Trend: Bearish movement developing
Key Observations:
Support and Resistance Levels:
The price is currently within a blue consolidation zone between 590 and 597.
There is a major resistance around 612, which previously acted as a rejection point.
The lower boundary at 590 is a key support level.
Bearish Structure:
The price recently tested the upper range but failed to break out.
A rejection from the 597 resistance level suggests weakness in buying pressure.
The price action is forming a lower high, indicating the potential for a downside move.
Breakdown Expectation:
If the price breaks below 590, a significant sell-off could occur.
The next target for a potential drop would be 585 or lower.
Conclusion:
Bearish bias: If price fails to hold above 590, further downside is expected.
Key level to watch: A confirmed break below 590 could lead to a continuation of the downward trend.
Potential trade setup: Short opportunities below 590 with a target towards 585.
Dagangan ditutup: sasaran tercapai
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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.