SPY - Short term bullish
Updated
Hello friends,
Let's understand Multi-timeframe analysis for
SPY.
Daily TF:
Recent price action suggest that a short pullback could be seen in SPY as it is approaching the demand zone.
45 minutes TF:
Below are the confirmation signs that suggests a pullback.
1) Price is approaching daily demand zone - Buying pressure may step in
2) Price is making LL while RSI is making HL - Bullish Divergence
3) Price action is showing rejection from demand zone(long lower wick candles) - Bullish reversal price action
Additionally similar confluence is seen in
DJI.
Daily TF:
45 minutes TF:
Let's understand Multi-timeframe analysis for
SPY. Daily TF:
Recent price action suggest that a short pullback could be seen in SPY as it is approaching the demand zone.
45 minutes TF:
Below are the confirmation signs that suggests a pullback.
1) Price is approaching daily demand zone - Buying pressure may step in
2) Price is making LL while RSI is making HL - Bullish Divergence
3) Price action is showing rejection from demand zone(long lower wick candles) - Bullish reversal price action
Additionally similar confluence is seen in
DJI.Daily TF:
45 minutes TF:
Note
As expected, the price have reacted from the demand zone.Trade closed: target reached
Price bounced from a demand zone and got rejected from a supply zone low around 411. It was a good bounce to play for few days.
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