SPXL market projection has been a bullish one, and the market opening of today has solidified the bullish claims. The trend has been able to maneuver the price resistance level, thus projecting to the next, price resistance level.
Supply level: $50.00, $51.00, and $53.00
Demand levels: $46.96, $45.00, and $41.50
SPXL Medium-term Trend: Bullish
There was an accelerated up movement on the price since today, this so because the price was able to force itself out of a price resistance level of $50. It is a major market achievement since the price has been hovering under this level for some days now. The market is thus looking radiantly set to push higher to the price resistance level of $53. This level will be a determinant level for the market movement, that is to say, that it will either move the price to a higher high target or price might reverse for a bearish call.
The 14 and 50 Exponential Moving Average can be spotted below the price and they have both crossed for a bullish market signal. And the MACD Indicator Histogram is on the upside, supported by the cross of the signal lines.
SPXL Short-term Trend: Counter-Bullish
The short-term trend is indicatively on a bullish ride. It has come out from the ranging shell, is now on a free zone, as it heads towards the north side, and is heading to the major resistance level.
The chart shows that MACD Indicator Histogram bars are rebuilding for bullish support. And the 14 and 50 Exponential Moving Average Cross is now widening out for a bullish signal.
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