S&P Bullish breakout?
The S&P E Mini shows pre-breakout behavior. The price is currently breaking the 2608 resistance level. The candle is currently not closed and, thus, it is not a confirmed signal. At the same time, the price is also pushing into the upper Donchian channel which is also a bullish sign. But both signals need the confirmation of a candle close.
The 100 period MA (50 Daily MA) is waiting above price.
If the breakout succeeds, I identified two likely targets based on previous resistance levels.
If 2608 holds, 2514 could be the alternative downside target. However, the way the price action has developed lately, a bullish continuation is probably the more likely scenario.
The 100 period MA (50 Daily MA) is waiting above price.
If the breakout succeeds, I identified two likely targets based on previous resistance levels.
If 2608 holds, 2514 could be the alternative downside target. However, the way the price action has developed lately, a bullish continuation is probably the more likely scenario.
I have been trading for 15 years!
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> Free blog: tradeciety.com/blog
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