SPXL is currently facing a price barrier level, breaking this level will enable the trader to take a decisive market direction, and a rejection of it will also, give traders insight on what to do.
Technical Levels:
Supply levels: $50, $51, $53
Demand levels: $46, $45, $41.50
SPXL Medium-term Trend: Counter-trending
SPXL is within the price range of $50 and $51, the stock bullish projection is under negotiation, as the price resistance level of $50 is still a threat to the bearish drive, because the price succeeds in breaking it or the area might pose a barrier to it. If it breaks this level the market may go down to the resistance levels of $46 or $45 or even $41.50. In case the market fails in breaking it, the price might opt for a bullish call.
From the daily chart, the 14 and 50 Exponential Moving Averages are facing the north as the price comes closer to it; also the MACD Indicator signal lines and bars are yet to cross for a bearish direction.
SPXL Short-term Trend: Counter-trending
SPXL short-term trend is on a counter mode, the price is yet to break a barrier level, and until this feat is achieved, the trend direction cannot be affirmed.
The price has succeeded in crossing the 14 Exponential Moving Average and heading for the 50 Exponential Moving Average, also the MACD Indicator Histogram bars and signal lines are crossed for the South-side drive.
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