Price formed a rising wedge here and now at the consolidation area between two zones. Considering recent stimulus ($1.9 trillion) approval in USA, which is supposed to be signed by Biden this week, markets are hopeful and bullish. A break of the resistance area and the wedge, preferably with a candle close above 3940, is a good buy signal to continue to target higher levels with good risk-reward options.
On the flip side, if we see a break to the downside, it is less likely at the moment, unless we have serious fundamental news coming out to scare the markets.
Good Luck and Stay Healthy!
On the flip side, if we see a break to the downside, it is less likely at the moment, unless we have serious fundamental news coming out to scare the markets.
Good Luck and Stay Healthy!