SPY Potential for Bullish Trend | 15th August 2022
On H4, as the price is moving along the ascending trendline, and above ichimolu cloud, we have a bullish bias that the price may rise from the buy entry at 429.43, which is in line with the 78.6% fibonacci retracement and overlap resistance to the take profit at 450.27. which is in line with the swing high. Alternatively, as the RSI is over 70, the price may drop to the stop loss at 407.37, which is in line with the 38.2% fibonacci retracement and overlap support.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.