US500: Intraweek Technical Analysis
US500 Intraweek Technical Analysis:
After being sideways for three weeks around 3635 , the sp500 finally took support from 3635 and moved all the way to 3760. The sp500 opened at 3583 and closed at 3760 with intraweek highs and lows of 3765 and 3583.the price action made a double bottom at 3584. The price action is overbought at all time frames lower than 1 week. Therefore I am expecting a slight reversal towards downside or a choppy move in the starting days of the coming week. In order to confirm the trend reversal , the price action needs to make a weekly low above the previous week’s low.
my target for coming week is to take short positions in coming week at resistance of 3800. Which will make a double top candle stick pattern at 3800.the double top will be confirmed on rejection of 3800.for taking long positions I will wait for levels below 3580.
If you like this or if you think the opposite of this or if there is any other opinion, mention it in the comments. I am open to all kind of suggestions and critics.
After being sideways for three weeks around 3635 , the sp500 finally took support from 3635 and moved all the way to 3760. The sp500 opened at 3583 and closed at 3760 with intraweek highs and lows of 3765 and 3583.the price action made a double bottom at 3584. The price action is overbought at all time frames lower than 1 week. Therefore I am expecting a slight reversal towards downside or a choppy move in the starting days of the coming week. In order to confirm the trend reversal , the price action needs to make a weekly low above the previous week’s low.
my target for coming week is to take short positions in coming week at resistance of 3800. Which will make a double top candle stick pattern at 3800.the double top will be confirmed on rejection of 3800.for taking long positions I will wait for levels below 3580.
If you like this or if you think the opposite of this or if there is any other opinion, mention it in the comments. I am open to all kind of suggestions and critics.
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