SPXL currency is actually on a bullish note but is currently experiencing a stiff price resistance on a key level, forcing the price to slow its pace of movement. But a break of this level will trigger the market momentum, towards the north.
Supply levels: $50, $51, and $53
Demand levels: $47, $45, and $41
SPXL Medium-term Trend: Bullish
Yesterday market saw a bullish rejection of the price below the key level $50, the market is just hovering within this region, but a breakthrough this level will mean a continuation for the bullish market.
Taking a look at the graph, the price is still out rightly above the 14 days Exponential Moving Average, thus, showing the bullish consideration. Notable is the Parabolic Sar Indicator, the price is boldly above it, thereby, not ruling out the bullish forecast.
SPXL Short-term Trend: Counter-trending
The short-term price movement is in a ranging mode. Price has been unable to summon the courage to break through the resistance level of $50; hence the market is ranging below this price region.
From the 4-Hours chart the 14 days Exponential Moving Average, has moved very close to the candles indicating a tight market movement. The Parabolic Sar indicator is also sitting close to the current price candle showing a counter market movement. The Stochastic indicator is also a flat market signal.
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