The SPXL currency is preparing to continue the bullish drive that it has been experiencing for some time now, the slow pace of the current price movement has been as a result of the price resistance level that the market is hovering under. And breakouts from this price key level will allow the price to accomplish the bullish trend movement.
Support level: $50.00, $51.00, and $53.00
Demand levels: $46.96, $45.00, and $41.50
SPXL Medium-term Trend: Bullish
The pair is on the verge of breaking a barrier price level of $50.00, and this will form the basis for another bullish movement, which might take the price up to levels of $51.00 or $53.00. More so, waiting for the price to cross the level of $50.00 or putting a buy stop order a little above this price might also be ok.
Looking intently at the chart, there is a crossing of the 14 and 50 Exponential Moving Averages, and also the Histogram bars and signal lines of the Indicator, all signaling a bullish trend movement.
SPXL Short-term Trend: Counter-Trending
The short-term Trend of the stock is ranging, the factor for this indecision in market direction could be attributed to the market resistance level at which the price is under. Market momentum will only increase when the price goes above this key level.
The 4-Hours chart shows weakness in the bars of the MACD Histogram, and the price comes closer to the two 14 and 50 Exponential moving averages.
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