SPX 6900 demonstrates significant bullish momentum, increasing by 18.20% in a day and continuing a streak of higher highs and higher lows. The price is now approaching a potential breakout zone.
Current Market Structure of SPX 6900
After bottoming out around $0.25, SPX 6900 has been in a strong uptrend characterized by consecutive higher dips and peaks. The price is consolidating just below all-time highs, forming what could be a bullish pennant.
Key Technical Levels
The critical support area lies at $1.42. As long as the price holds above this level, the uptrend remains structurally intact. A bullish pennant formation suggests a breakout is likely. The Fibonacci target stands at $2.20 if the structure holds.
Future Predictions
SPX 6900 remains in a strong uptrend. If the support zone at $1.42 holds, and the price breaks above the pennant, a move towards $2.20 is the next probable target. While the structure remains valid, bullish continuation appears to be the base case.
Thus, SPX 6900 is on the verge of a significant breakout, with the potential to reach $2.20 if the current trend continues.
