US SP 500 Index Retracement

Published On: 6 April 2023, 3PM | Huang Zixing, Dealer

Trade Setup
  • From the daily chart above, we see that US SP 500 Index has been steadily rising for the past three weeks.
  • Last Thursday, price hit a resistance point at 4050.
  • This week, the Index started a pullback.

Trade Execution
  • Price will continue to consolidate in the range of [4050, 4200].
  • We can wait for the end of the adjustment and open a long position if a long green candle formed with a significant increase in volume.
  • If the price is able to hold above the support level, we can target the next take profit area at the 4200 resistance level (red line).

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