SPX500USD ( TRADE BELOW RESISTANCE TRENDLINE ) ( 4H )SPX500USD
HELLO TRADERS
Tendency the price trade below resistance trendline , indicates the price is under bearish pressure
TURNING LEVEL : there is a blue line around 5,596 , indicates if the price trade below this level reach a support level , but if the breaking turning level reach a resistance level
NEW RESISTANCE LEVEL: there is a green line around 5,625 , it indicates the progress of the index
SUPPORT LEVEL : there is a red line around 5,544 , indicates buying have already increase this level , and in this level create a demand zone
PRICE MOVEMNET : the price stabilizing below turning level around 5,596 , in my opinion until the price trade below turning level , reach a support level at 5,544 , then breaking this level reach a next target at 5,503 , if the price breaking turning level create a new resistance level at 5,625 and 5,661
TARGET LEVEL :
RESISTANCE LEVEL : 5,625 and 5,661
SUPPORT LEVEL : 5,544 , 5,503
