US 30 Bullish Flag Pattern Points to an Impending Breakout

Market Analysis – May 30

The price of US 30 is currently approaching the unmitigated bullish order block above the significant level of 31718.0 during a corrective phase. The US 30 price has experienced a decline of approximately 4.85% since testing the supply level of 34228.0.

US 30 Key Levels

Resistance Levels: 33438.0, 34228.0, 34628.0
Support Levels: 32751.0, 31718.0, 30171.0

US 30 Long-Term Trend : Bearish

In March, multiple wicks formed below the daily candles at the support level, indicating rejection. The Stochastic oscillator was oversold on the 24-hour timeframe. Subsequently, three white soldiers broke above the support level of 32751.0 after the Moving Averages (Periods 9 and 21) crossed, signaling bullishness.

US 30 is currently in a corrective phase after a bullish move from the support level of 32751.0. A double top bearish reversal chart pattern formed at the 34228.0 supply zone with the Moving Average ( Periods 9 and 21) crossing above 33438.0 in May.

US 30 Short-Term Trend: Bearish

A trendline representing liquidity has been established during the corrective phase that began at 34228.0. The upcoming test of the bullish order block below is expected to support a bullish upward movement. The falling wedge pattern is under threat as buyers attempt to break the resistance level of 34228.0.

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