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CFDs and spread bets are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs and spread bets with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Asset Watch
Tuesday, January 24, 2023, 11:30am GMT
Source: TradingView
With the index sandwiched between weekly support and resistance, there isn’t much wiggle room in either direction. On the one hand, it closed above the 20-week moving average on Jan. 20, and the MA has largely marked support and resistance since May 2020 (outside of the bear market rally in August 2022).
On the other hand, the grey arrows show how overshoots of the 20-week MA have ended at the declining resistance line. And with the next milestone at roughly 11,800, the potential upside is limited.
As a result, with 20-week MA support near 11,400 and trendline resistance near 11,800, the Jan. 20 close of 11,619 signals that a breakout or breakdown could happen within days.
So, which is more likely?
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CFDs and Spreadbets are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of Retail investor accounts lose money when trading CFDs and Spread Bets with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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