Wall Street trading around key level

Published On: 11 April 2022, 10:30 AM | Jason Chua, Dealer  
  • The Wall Street Index has been correcting during the month of March, partly contributed by the increased likelihood of tighter monetary policy, and has been back around the 35,000 level.
  • The Wall Street previously tested Fibo of 61.8% on 29th March where it fail to break through. Price have hence retreated back to the current level which is supported by the trendline and the 38.2% fibo level where we might see some bullish price action.
  • The price is currently trading at a crucial level, as we saw a breakout of the previous trendline.
  • Bulls could look to buy low at appropriate support level such as the 38.2% Fibo level, and bet on the continuation of the uptrend.
  • Bears however, could wait for confirmation of downtrend before entering into their position.
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