Technical Analysis – INX.IX (US SP 500 Index USD1 CFD)
Published On: 10 February 2023, 5:20PM | Huang Zixing, Dealer
As seen from the daily chart of the US S&P 500 Index USD1 CFD, after the double bottom formed between October 2022 to November 2022, the price rose from about $3,489 to $4,060. The price then dropped before increasing back to $4,060 again, forming a double top. Subsequently, it fell and then rebounded again.
After the price broke through the previous $4,060 resistance level (green line), the line acted as a support level. If the price continues to trend upwards, we can look to go long. Here, we would consider exiting the trade as it approaches the 2 key resistance levels of $4,300 (red line) and $4,640 (blue line). However, if price breaks below the support level (green line), it may trend down further.
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