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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