Bearish Breakdown Setup on SPY | Key Support & Resistance Levels
This is a technical analysis chart of the SPDR S&P 500 ETF Trust (SPY) on a 4-hour timeframe.
Key Observations:
Resistance Zone (Highlighted in Yellow - Upper Region)
The price previously reached this zone and got rejected, indicating strong selling pressure.
The latest rejection at this resistance led to a downward move.
Support Zone (Highlighted in Yellow - Lower Region)
There is a previously established support zone where price has reacted multiple times.
The chart suggests that the price might revisit this level.
Bearish Price Projection (Blue Lines & Arrows)
The chart indicates a bearish trend with lower highs and lower lows forming.
The projection suggests that the price could break the lower support zone and continue declining.
Conclusion:
If the price fails to hold the support level, we could see a further decline.
If there is a reversal at the support level, a possible bounce could occur.
Traders may look for confirmation signals before entering short or long positions.
Key Observations:
Resistance Zone (Highlighted in Yellow - Upper Region)
The price previously reached this zone and got rejected, indicating strong selling pressure.
The latest rejection at this resistance led to a downward move.
Support Zone (Highlighted in Yellow - Lower Region)
There is a previously established support zone where price has reacted multiple times.
The chart suggests that the price might revisit this level.
Bearish Price Projection (Blue Lines & Arrows)
The chart indicates a bearish trend with lower highs and lower lows forming.
The projection suggests that the price could break the lower support zone and continue declining.
Conclusion:
If the price fails to hold the support level, we could see a further decline.
If there is a reversal at the support level, a possible bounce could occur.
Traders may look for confirmation signals before entering short or long positions.
Trade chiuso: obiettivo raggiunto
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Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.