SPY Potential for Bullish Trend | 15th August 2022 for AMEX:SPY by desmondlzw

On H4, as the price is moving along the ascending trendline, and above ichimolu cloud, we have a bullish bias that the price may rise from the buy entry at 429.43, which is in line with the 78.6% fibonacci retracement and overlap resistance to the take profit at 450.27. which is in line with the swing high. Alternatively, as the RSI is over 70, the price may drop to the stop loss at 407.37, which is in line with the 38.2% fibonacci retracement and overlap support.

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