Long
US500 to hit the weekly support and then bounce
US500 is on the way to revisit the weekly support zone around 3990. Currently it has hit the daily support but it is likely that it will go and at least touch the weekly support zone. But they both are quite close. That will definitely produce a bounce to the upside and might bring the price to daily resistance level. Let us see if this daily produces enough momentum to lead it to the resistance. But I would incline towards it touching weekly first before heading towards resistance and that would also be favorable for a better entry point and a better RR.
Trade closed: target reached
So as mentioned in the original post, the price hit the target of 3990. This is a weekly support zone and I expect a bounce from here. How good a bounce from here is and whats the momentum in that bounce will decide the next course for the price action.
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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.