Technical analysis SPX500 for 20.03.2024

Tenkan-sen and Kijun-sen lines are merged. Both lines are horizontal. Confirmatory line Chikou Span crossed and fixed above the price chart. In this case, the cloud is ascending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest support is the level 5150. The closest resistance is the level 5200

Key levels

• 5250, 5200, 5150, 5125, 5100

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 5200, with Take Profit of 5250 and Stop Loss of 5150

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 5150, with Take Profit of 5125 and Stop Loss of 5175