23 Jun 2014
S&P500 should have steam to reach 2,030 projected target - RBS
FXStreet (Bali) - Dmytro Bondar, Technical Strategist at RBS, thinks the benchmark US index will gather enough strength to make it above the 2,000 points.
Key Quotes
"The market ended correction and closed above the 1,918 gap (futures level), as the overall picture remains bullish, after breaking above a key resistance level of 1,900, being the major 161.8% Fibonacci projection from the 2012-2013 impulse wave, which made a strong bullish statement that the index will have steam to reach the 2,030 major projected target. What changes this view is if the price breaks below 1,860 on a sustained basis."
Key Quotes
"The market ended correction and closed above the 1,918 gap (futures level), as the overall picture remains bullish, after breaking above a key resistance level of 1,900, being the major 161.8% Fibonacci projection from the 2012-2013 impulse wave, which made a strong bullish statement that the index will have steam to reach the 2,030 major projected target. What changes this view is if the price breaks below 1,860 on a sustained basis."