US 30 Attempt to Break Out Fail Once More

Market Analysis – May 2

The US 30 Bulls have attempted to rise beyond 34381.0 key level but have failed multiple times. The last attempt on the first of May has led to the formation of a double-top bearish reversal pattern below the stiff resistance zone.

US 30 Key Levels

Demand Levels: 32751.0, 31718.0, 30171.0
Supply Levels: 34381.0, 35551.0,  37007.0

US 30 Long-Term Trend: Bullish

A head and shoulders bearish reversal chart pattern formed in January 2022 after the price tested the supply level of 37007.0 The downward sloping trendline anchored at the tip of the head and shoulders reversal pattern served as a resistance to the ascent of the market till September.

The Bears stormed the market at the cross of the bearish trendline and the supply level of 34381.0. This led to a market crash of 28676.0. After the freedom from the rule of the bearish trendline. Buyers have made multiple attempts to break the well-defended supply zone of 34381.0.

US 30 Short-Term Trend: Bearish

The inability to push through the resistance level of 34381.0  From November to March caused the price to bounce back and forth within a range. The last attempt on March 1st seems to have failed with the formation of a double top. The market seems to dive towards 32751.0

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