SPXL bullish outlook has been continued to surge higher to the next resistance level, and any break from this level will mean that the pair will form a higher high resistance level.
Supply levels: $50, $51, and $53
Demand levels: $46, $45, and $41.50
SPXL Medium-term Trend: Bullish
The opening of today’s candle created a market gap, that increase the market bullish momentum, this the pair is in a fight to finish the battle, since crossing the market resistance level of $50, the market maintained its bullish outlook, just some pips away to the major resistance level of $53. This level will be very significant in the market direction. It will either form the basis for a price reversal, or a breakout of this level will lead to a new higher high target.
The daily chart shows that the price is still above the 14 and 50 Exponential Moving Averages, and the MACD Histogram bars are all pointing to a bullish direction.
SPXL Short-term Trend: Bullish
The short-term outlook also indicates a bullish price gap in the market, and thus creating a spontaneous bullish movement, this has drawn the price close to the next resistance level. Thus the market might close below or above this resistance level.
The 4-Hours chart is indicating that the 14 and 50 Exponential Moving Averages is below the price, showing a strong bullish trend, and the MACD Indicator Histogram and signal bars are all supporting the bullish market trend.
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