Wall Street Index Chart Analysis

  • Taking a look at the Wall Street Index, we can see that price has been in a range for the past week, consolidating between the 78.6% and the 51.8% Fibonacci level. From a technical perspective, we should be looking at a bullish movement in the coming week, a possible breakout from the crossing trend lines.
  • With the 78.6% Fib level as a support, price might potentially make its way pass the 61.8% Fib level and hit the 50% Fib level as the next TP resistance point.
  • However, with the volatility and uncertainties over the weekend, fundamental and market sentiments might just cause price to gap down. If that were to happen, the next support level we can look at will be the 20000 psychological level.

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