Bullish SPX - 08 April 2024 - Technical Analysis

EURUSD Forex

SPX 500

Bullish Closed

A Price Action Ascending Triangle pattern formation on the 4 Hour time frame chart supports SPX 500 Bullish bias. A break of 5225.20 will support the rise towards the target of 5309.05 the break of 5309.05 would push the price to 5364.95.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 5454.74
Support S1: 5444.32, S2: 5433.49 , S3: 5423.07
Resistance R1: 5465.57 , R2: 5475.99 , R3: 5486.82

Summary

Instrument :

SPX 500

Direction :

Bullish

Pattern Name :

Ascending Triangle

Probability :

100%

Entry Level :

5225.20

Activation Time :

2024-03-20 20:00

Age :

225 Bars

Progress :

58%

Close Time :

2024-04-08 11:00

Time Frame :

4 Hour

Status :

Closed

CHART ANALYSIS

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Ascending Triangle

An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trend line to be drawn along the swing lows. The two lines form a triangle. Traders often watch for breakouts from triangle patterns. The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns.