Sellers Fail to Break the 10665.00 Demand Level After Multiple
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US100 Sellers Fail to Break the 10665.00 Demand Level After Multiple Attempts

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Azeez Mustapha

Updated:

Market Analysis – January 29

US100 has turned bullish after multiple attempts by the bulls to break the demand level at 10665.00. The bulls emerged from a double-bottom pattern at the demand level.

US100 Major Levels

Demand levels: 11311.00, 10665.00, 10000.00
Supply Levels: 12002.40, 12795.00, 13638.00

Sellers fail to break the 10665.00 demand level after multiple attempts

US100 Long-term Trend: Bullish

US100 sellers gained control of the market after a series of higher lows and highs led the price to 13638.00. A bearish shift in a market structure formed in August after the Stochastic indicated that the market was overbought. The Parabolic SAR (Stop and Reverse) formed points above the daily candles immediately at the strike of 13638.00 supply level. More sellers engaged the market upon a retracement to the 12795.00 resistance level. The market crashed to the 10665.00 support level. The demand zone was well defended by the buyers, which made the first attempt to foster a bullish reversal.

The buyers broke the resistance trendline in November after the market dipped into an oversold region. The Parabolic SAR (Stop and Reverse) led the market away from the support level. The bulls were unable to break through 12002.40. The market fell back to 10665.00 after the appearance of a triple top at a significant level.

Sellers fail to break the 10665.00 demand level after multiple attempts

US100 Short-term Trend: Bullish

The buyers have finally made headway in the market. An ascending channel is well organized on the lower timeframe to guide the market toward resistance levels. The highs at 12002.40 have been swept. The market is expected to rise to 12795.00 as the Parabolic SAR signifies an ascending market.

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