In the midst of a hefty bear market, SXP has broken down from a strong diagonal support, dropping 9% below the support level as indicated on the chart. After a brief bounce to retest the broken support, the price is now expected to continue its downward trajectory, potentially losing another 11–20%.
However, caution is advised. If the market shifts unexpectedly and SXP manages to reclaim and hold the support, this bearish scenario would be invalidated, opening the door for an upward run.
Stay alert and monitor the current price action closely.
Follow for more trade ideas and updates.
NFA: This is not financial advice—always conduct your own research and manage your risk wisely.
However, caution is advised. If the market shifts unexpectedly and SXP manages to reclaim and hold the support, this bearish scenario would be invalidated, opening the door for an upward run.
Stay alert and monitor the current price action closely.
Follow for more trade ideas and updates.
NFA: This is not financial advice—always conduct your own research and manage your risk wisely.
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