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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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.