SPX500 Will Go Up From Support! Buy!
Updated
Please, check our technical outlook for SPX500.
Time Frame: 1D
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a significant support area 4716.60.
The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 4881.09 level.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
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I am confident in this trade so I will keep it open!
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