SPXL is in a grooving bullish arena, after passing series of hurdles to get to that level, and is bent on completing its buy target and if possible to set up a new higher high target.
Supply levels: $50, $51, and $53
Demand levels: $46, $45, and $41.50
SPXL Medium-term Trend: Bullish
The market just had an up breakout from the price resistance levels of $50 and is marching northwards the resistance levels of $51 and $53. Though the price resistance level of $53 is a strong resistance area, a breakthrough this level will take the market price to a new high. Or price might as well change direction, to a bearish movement.
From the daily chart, the MACD Indicator Histogram bars are in the buying mode, also the signal lines are widely separated thus indicating a strong bullish market. The 14 and 50 Exponential Moving Averages have crossed for a bullish trend.
SPXL Short-term Trend: Bullish
The short-term trend is now a bullish one. After many battles the price was able to break out of resistance level, thus giving the market a fresh hope to surge to a higher resistance level.
The MACD Indicator Histogram bars are popping out fresh green bars for a bullish continuation, and the signal lines are separated from each other, indicating an increased bullish momentum. And the 14 and 50 Exponential moving averages have twisted for a bullish indication.
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