SPXL price is also looking up to round up the bullish move it started on June 6. Though a key level barrier is holding the pair on its current status, which initiated the little market correction the price is experiencing, but this might not stop the imminent bullish trend this stock is yearning for.
Supply levels: $50, $51, and $53
Demand levels: $46, $45, and $41.50
SPXL Medium-term Trend: Bullish
The pair is shaped for the bullish move, and break-through the key price level of $50, will no doubt solidify the bullish continuation of the market, and see might see price surging higher up to the price level of $51, $53, or even setting a new high.
From the daily chart, the 50 Exponential Moving Average has continued to remain below the price, thus holding the bullish outlook, and the price drifting away from the Bollinger Bands, top band, there adjusting the price for bullish re-entry.
SPXL Short-term Trend: Counter Trending
The 4-Hours chart preview shows that the market is in a ranging mode, thus the market is waiting for a breakout at the key resistance level.
The price is moving away from the Bollinger Bands upper band, after an initial touch of the price, this will create room for bullish price acceleration.
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