Renko Chart Trading and Technical Analysis
The objective is to make Renko chart trading simple. Today, the SP 500 FUTURES reached a new all-time high of 4,291, while the Renko chart’s record closing stayed at 4,284. The SP 500 continued to advance gradually today, but it was a touch bumpy. The trading range remained quite limited as well. We should keep an eye on the situation over the next few days to see if prices continue to rise. So far, no major breakout has happened, propelling futures prices to 4,300 or higher. As a result, the SP 500 is quite likely to reverse course and revisit the prior high support levels of 4,242 or 4,212.
The current rising trend in the SP 500 technical analysis and Renko chart trading patterns suggests that it will continue. Furthermore, the longer-term bullish trend line has gradually climbed and is presently located at 4,180.
- The Renko chart uses the traditional 6-point brick size.
- On the upside, the Renko chart reveals no obvious hurdles.
- On the downside, the previous high of 4,242 will act as a good support level, followed by the 4,200 support zone.
Since Sunday evening, the SP 500 Futures has been rising. It finished at a new all-time high. However, today’s trading session appeared to be a touch choppy. Despite the fact that there are no clear upward barriers, the SP 500 is likely to reverse course and return to earlier support levels at 4,242 or 4,212.
- On the upside, the Renko chart shows no obvious barriers.
- On the downside, the previous high of 4,242 will give some support, followed by 4,212 and then 4,180 support zones.
How to Apply Renko Chart Trading Patterns and Technical Analysis in Trading – Support, Resistance, and Trendline
The rising trend line and multiple support levels seen in the daily chart below will keep the SP 500 FUTURES on the ascent. The rising trend line is close to the 4,180 level, which also serves as a key support level. There are no obvious barriers to the upside. The upward trend continues.
Daily Renko Chart
The SP 500 is in record territory on the hourly chart below, and it is currently extremely close to the 4,300 level. The upswing is quite strong, and it appears that prices will continue to rise. However, there is some fear that the growing trend may be overstretched. If the SP 500 were to reverse direction and retest previous support levels, it should be able to find support between 4,170 and 4,254.
Hourly Renko Chart
The rising momentum appears to be slowing in the 5-minute chart below. It might be because prices are approaching the 4,300 level. It also suggests that the rising trend appears to be overextended. On the upside, the psychological barrier of 4,300 is the immediate resistance area. On the downside, the SP 500 should be able to establish support and rebound from 4,188 to 4,240 if the upward steam is momentarily exhausted.