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Market Analysis – August 1st
US 30 buyers experience a slowdown in their momentum. The buyers of the US 30 are currently experiencing a decline in momentum as the bulls struggle after breaking above the key level of 35263.80. Despite the initial breakthrough at this significant level, the market has lost its buying pace. After a period of consolidation at the 33622.20 key zone, the buyers were able to gather strength for an upward movement. However, the barrier at the 35263.80 zone has dampened the buying strength built up by the buyers. Consequently, sell traders are returning to the scene following the breakout.
US 30 Market Zones
Resistance Zones: 35263.80, 34443.00
Support Zones: 33622.20, 32726.80
US 30 Long-Term Trend: Bullish
A pullback may occur, bringing the price back toward the key zone at 35263.80. If the sellers manage to successfully break below this level, it could potentially signal the end for the buyers. The stochastic oscillator indicates that the signal line is currently above the 80.00 level. This suggests that it may be the highest buying point in the near term. Buyers may phase out and pause for the time being. Nevertheless, the Parabolic SAR (Stop and Reverse) indicator on the daily timeframe still maintains a positive trend in the market. Although buyers are facing challenges, the overall trend continues to depict bullish sentiment.
As traders navigate the current market conditions, it is important to closely monitor the evolving price dynamics and the actions of both buyers and sellers. The slowdown in momentum and the presence of sell traders require vigilance. This is to assess the potential for a pullback or a trend reversal. Meanwhile, the Parabolic SAR indicator provides valuable insight into the continued bullish trend. This is despite the temporary challenges faced by the buyers.
US 30 Short-Term Trend: Bullish
On the 4-hour chart, the buyers are still making a comeback so as to continue their momentum. More buying opportunities will still present themselves despite the selling opposition in the market. The bullish pace may be slowed down, but the general trend remains bullish.
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