Renko Chart Trading and Technical Analysis
The SP 500 FUTURES achieved a new all-time high of 4,312 today. Today, the 4,300 mark was finally broken. Since Tuesday, the SP 500 has only reached a low of 4,269 before continuing its upward trend. Technical analysis and Renko chart trading patterns in the SP 500 indicate that the rising trend will continue. Furthermore, the longer-term bullish trend line has steadily risen and is now at 4,180. In the short term, there are no obvious obstacles to the upside.
- The traditional 6-point brick size is used in the Renko chart.
- On the upside, the Renko chart shows no clear roadblocks.
- On the downside, the previous high of 4,242 will serve as the first line of defense, followed by the support zone of 4,200.
Today, the SP 500 FUTURES reached a new all-time high of 4,312. The SP 500 has only fallen to a low of 4,269 since Tuesday. The upward trend is expected to continue, according to technical analysis and Renko chart trading patterns. There is no obvious barrier to the upside. If we had to raise a specific worry, it would be that the present upward trend appears to be a little overstretched. The price is expected to drop down to 4,242, the previous all-time closing price, although this may not happen anytime soon.
- On the upside, there are no clear obstacles on the Renko chart.
- On the downside, the previous high of 4,242 will provide some support, followed by support zones of 4,212 and 4,180.
How to Apply Renko Chart Trading Patterns and Technical Analysis in Trading – Support, Resistance, and Trendline
Since Tuesday, the SP 500 has only fallen to a low of 4,269. According to technical analysis and Renko chart trading patterns, the rising trend is anticipated to continue. There are no clear barriers to the upside for the bullish market. The current rising trend, though, looks to be a little overstretched. The daily chart below shows a rising trend line and several support levels, which will keep the SP 500 FUTURES on the rise. The rising trend line is around the 4,180 level, which also serves as a critical support level.
Daily Renko Chart
On the hourly chart below, the SP 500 has remained in record territory, and it is now over the 4,300 mark. The upswing is fairly robust, and prices look to be rising further. However, there may be some concern that the upward trend is becoming overstretched. If the SP 500 reverses course and retests prior support levels, it should be able to find support between 4,170 and 4,254, which is shown in yellow on the hourly chart.
Hourly Renko Chart
Today, the 5-minute chart below shows that the strong upward momentum has continued. The 4,300 threshold had been breached, and prices had continued to rise. It might also imply that the rising trend looks to be overextended, but that the corrective phase will take some time to happen. On the downside, if the rising momentum is temporarily exhausted, the SP 500 should be able to establish support and rebound from between 4,170 and 4,254.