US500 Will Move Higher! Buy!

Take a look at our analysis for US500.

Time Frame: 1D
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish

The market is approaching a significant support area 4939.4.

The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 5100.0 level.

P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.

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Comment:

I am confident in this trade so I will keep it open!