SPXL has been in a tight support and resistance level, the price needs to go out of any of these levels to give the market shape, for a bullish or bearish market trend.
Supply levels: $50, $51, $53
Demand levels: $46, $45, $41.50
SPXL Medium-term Trend: Ranging
The Medium-term trend of the stock is a ranging one, the price is in-between the support and resistance channel of $51 and $50, waiting to come out of its shell. The trend might go either way. If it breaks up, the price is likely to re-test the price level of $53, but if it breaks below the resistance area of $50, the price will likely fall to $46, $45 or even $41.50.
The daily chart is indicating that the 14 and 50 Exponential Moving Averages are still on the bullish crossing, while the MACD Indicator Histogram bars are about to cross for a bearish call.
SPXL Short-term Trend: Counter-trending
The Medium-term trend of the stock is a counter market; there is no definite market direction now, not until the price goes below the or above the next price barrier level.
From the 4-hour chart, the price is seen trailing below the 14 Exponential Moving Average, while the MACD Indicator is showing weak Histogram bars.
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