Ichimoku cloud indicator analysis on SPX for November 6th, 2023.
November 6, 2023 5:25 pm
SPX is trading around 4,367 today, having started the week on a positive note, as it was ended last week. Price is challenging the Daily Kumo (cloud) resistance. The area around 4,370 is very important resistance and a daily close inside the Kumo would turn trend to neutral from bearish. The tenkan-sen (red line indicator) is at 4,237 while the kijun-sen (yellow line indicator) is at 4,250. This area of 4,237-50 is important support. The Chikou span (black line indicator) has crossed above the candlestick pattern turning bullish. Traders need to be cautious at current levels as a rejection at cloud resistance and a pull back towards the 4,250 is justified and common when price reaches the lower cloud boundary.
The material has been provided by InstaForex Company – www.instaforex.com
SPX is trading around 4,367 today, having started the week on a positive note, as it was ended last week. Price is challenging the Daily Kumo (cloud) resistance. The area around 4,370 is very important resistance and a daily close inside the Kumo would turn trend to neutral from bearish. The tenkan-sen (red line indicator) is at 4,237 while the kijun-sen (yellow line indicator) is at 4,250. This area of 4,237-50 is important support. The Chikou span (black line indicator) has crossed above the candlestick pattern turning bullish. Traders need to be cautious at current levels as a rejection at cloud resistance and a pull back towards the 4,250 is justified and common when price reaches the lower cloud boundary.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: