Market Analysis- June 6
US 30 has declined steadily in a falling wedge. The buyers utilized the demand level of 32751.0 to engineer a price surge, which halted the bearish correction phase.
US 30 Significant Levels
Demand Levels: 32751.0, 31718.0, 31250.0
Supply Levels: 33438.0, 34228.0, 34628.0
US 30 Long-Term Trend: Bullish
The US 30 market took off from a demand level of 31718.9in March. Prominent shadows formed beneath the daily candles at the support level to show the rejection. The Stochastic was also oversold to reveal the readiness for longs. A bullish displacement pierced through the 33438.0 significant level to complete the first impulsive bullish wave.
The correction wave is followed with less energetic gyrations in the price action. The candles paddled back and forth to the support level of 32751.0 after the Stochastic signified an overbought market.
US 30 Short-Term Trend: Bullish
US 30 market structure has turned bullish on the lower timeframe. The Stochastic is oversold on the 4-hour chat.
The market is expected to retrace to the bullish order block below 33438.0
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