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Stock Markets

12.04.202322:21 Forex Analysis & Reviews: SPX forms shooting star bearish candlestick pattern

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Exchange Rates 12.04.2023 analysis

Blue lines- Fibonacci retracements

SPX made new higher highs today at 4,153 but bulls were unable to hold price. SPX was under pressure after the new higher high and finally closed in negative territory. The daily candlestick pattern formed a shooting star bearish pattern. If today's candlestick is followed by negative trading sessions we will have a confirmation of a short-term top at least and the start of a pull back. First pull back target will be at the 38% Fibonacci retracement at 4,020. First support level is at the 23.6% retracement at 4,072. A break below this level will confirm the short-term bearish reversal.

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