SPXL has not made any significant moves to go out of the trapped support and resistance zone it has been in, thus the price is trying to gain the needed momentum that can enable it to break out of it either for a bullish or bearish trend direction.
Supply levels: $50, $51, $53
Demand levels: $46, $45, $41.50
SPXL Medium-term Trend: Ranging
SPXL Medium-term trend has continued to range in-between the support and resistance area of $51 and $50, currently the price is testing the upper price level of $51, and if it eventually breaks out from there, the trend will automatically be a bullish trend, but a rejection of that level will make the price go down to $50, for another possible break out.
From the daily chart, it is obvious that the 14 and 50 Exponential Moving Averages are still posed for a bullish ride with the price testing the 14 Exponential Moving Average, while the MACD Histogram bars are showing a weak market indication.
SPXL Short-term Trend: Ranging
The Short-term trend of SPXL is also operating within the channel trying to break from either side of the channel until this happens no clear trend direction is certain.
The price is seen to be between the 14 and 50 Exponential Moving Averages, while the MACD signal lines and Histogram bars are already showing a weak bearish position.
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