US500 Will Move Higher! Long!

15 Mar

Here is our detailed technical review for US500.

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

The price is testing a key support 5154.2.

Current market trend & oversold RSI makes me think that buyers will push the price. I will anticipate a bullish movement at least to 5171.8 level.

P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.

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