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FxWirePro: S&P500 takes support near trend line and oscillators in oversold territory, good to buy on dips

Major tend line support - 2745

 

The index has lost almost 200 points from the high of 2942. The pair hits low of 2745 and shown a minor jump. It is currently trading around 2770.

 

On the lower side major support is around 2745 and any break below targets 2700 (61.8% fib)/2674.

 

The near term major resistance is around 2766 (200- day MA) and any close above will take the index to next level till 2794 (23.6% fib)/2840 (89- day EMA).

 

It is good to buy on dips around 2745 with SL around 2720 for the TP of 2794/2840.

 

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