The anticipated Death Cross on the SMI20 appears to be failing as price finds strong support at the 23% Fibonacci retracement level. After testing this area, the index has shown bullish strength, printing several large green candles, signaling an increase in buying volume. This growing momentum suggests that sellers may be losing control, allowing buyers to regain dominance in the market.
Additionally, the price has now broken above the Death Cross, which typically consists of the 20 period moving average crossing below the 60 period moving average. When such a bearish signal fails to play out and the price instead moves higher, it can indicate a trend reversal or continuation of the previous uptrend.
Given this bullish shift, we are placing a direct buy order at 13,000, expecting the uptrend to continue. Our take profit (TP) is set at 13,200, aligning with a key resistance zone where profit-taking could occur. To protect our position, we will place a stop loss (SL) at 12,900, allowing for reasonable volatility while managing risk effectively.
With bullish momentum increasing and the Death Cross signal failing, this setup presents an attractive risk-reward opportunity for buyers in the SMI20 market.
Profit & Loss
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