SPXL looks good for a bull trend. A lot of market indications are supporting the bull movement. The price has maintained a bullish direction to reject the demand for a bearish call.
Supply level: $50, $51, and $53
Demand level $47, $45, and $41.5
SPXL Medium-Term Trend: Bullish
The market price has been bullish after reversing at the demand price of $41.5. The bull trend has maintained a surmountable pressure up to the supply price of $50, so a further push after this point will accelerate the bull movement, to the supply level of $51, or $53.
In analyzing the daily chart, the Bollinger Bands Indicator is seen resting at the supply price of $50, which indicates that price movement, might retrace a little down before embarking on the bull call. Meanwhile, the stochastic indicator is still showing an uptrend.
SPXL Short-Term Trend: SideWays
The 4-Hours chart is an indication that the market will range for a while before aligning with the medium-term market which is bullish. Certain parameters could be responsible for this, factors like the resistance price level of $50, etc.
The price is also resting at the upper bands of the Bollinger Indicator. The Inside Bar Indicator is still pointing an arrow for a down market, but this might be for a while because the bull seems favorable. The MACD Indicator is still on the bullish side.
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