SPXL had a stiff market barrier and the price could not go further, thus there was a market reversal for a bearish trend, and the price is about breaking a resistance level for a bearish dominance, but if the price fails to break this resistance level there might also be a change in trend.
Supply levels: $50, $51, $53
Demand levels: $46, $45, $41.50
SPXL Medium-term Trend: Ranging
The Medium-term trend outlook is in ranging mode. The price could not break out of the price resistance of $53, and from indications there seems to be a turnaround in market direction, supported by a price action candle closure. The market south-side movement is not is total control yet, until the price closes below the price resistance area of $50, if not the bulls might take-over the market.
The daily chart is indicating that the 14 and 50 Exponential Moving Averages are facing the north-side, and the Histogram bars of the MACD Indicator is yet to confirm the new bearish market outlook.
SPXL Short-term Trend: Ranging
The SPXL Short-term market analysis is on the ranging side, since the market was unable the close above the market key level, it reversed to another price resistance level, to execute market for the bulls or bears, require a little bit of patience to see if the price will go below this key level, so as to determine the market direction.
The 14 and 50 Exponential Moving Averages have not crossed for a bearish position, and the MACD Indicator is just trying to cross for a bearish market.
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