Looking at the SPA35 chart on a four-hour interval from a technical perspective, we have been observing a clear upward trend for quite some time. The price has corrected twice by 700 points, marked with a red rectangle in the chart below, and then new peaks were set. Currently, the price is in the region of local maximums, so the upward trend may continue. However, if there is a pullback, the first thing to look at is the support at 15,760 points, where the previous local peaks are located, as well as the lower limit of the local 1:1 geometry, resulting from the blue rectangle marked on the chart below – in the past, there have already been two corrections of exactly the same range. However, if the potential correction turns out to be larger, the next support levels should be 15,623 points and 15,420 points, respectively, which result from the 100-period average marked with a red line and the large 1:1 geometry mentioned earlier. On the other hand, if the upward trend continues and the recent peaks at 16,150 points are broken, then the aforementioned geometries should be shifted along with the price movement, and in the event of a possible correction, their lower limits will constitute key support levels.
SPA35 – H4 interval. Source: xStation5
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