Stuck in the Middle

Igor Manukhov - Apr 06, 2023

The market hit resistance around 4100-4200 yet again. An advance beyond this level will signal a new bull market.

The market hit an all important price resistance area of 4100 - 4200 points (green line) yet again. Notice how important this level was last year as it often served as a support or resistance to the market.

After a very impressive run in the second half of March, it is expected that the market will take a breather. It only makes sense that prices rest at this important resistance level.

Breaking through this level will be a very important milestone and will make a strong case for the beginning of a new bull market, in my opinion.

On the other hand, if the market sells off below 3800 points (red line), that would be a negative sign.

For now, we are stuck in the middle.