Market Analysis – February 22
US 30 has delivered a bearish displacement toward 32751.0. The symmetrical triangle has prepared the market for an accumulated phase of distribution.
US 30 Key Levels
Demand Levels: 32751.0, 31718.0, 28675.0
Supply Levels: 34209.0, 35551.0, 37007.0
US 30 Long-term Trend: Ranging
US 30 market experienced a bullish reversal in October. The RSI (Relative Strength Index) indicates the market is oversold at this time. The signal also correlated perfectly with the Stochastic. A double-top chart pattern was formed to reveal the change in trend in the market on a daily timeframe. The Parabolic (SAR) finally confirmed the new uptrend in October. The indicator formed a point below the daily candles after the support level of 28675.0 was reached.
The liquidity pool at 32751.0 served as a pull on the price. After reaching the initial target of 32751.0. The market retraced to31718.0 demand level gain to gain support to ascend to the next high at 34209.0. The bearish trendline was broken in an attempt to reach higher prices. An accumulation phase followed after the shoot above the bearish trendline on the daily chart. The accumulation phase formed a symmetrical triangle to prepare the market for a breakout.
US 30 Short-term Trend: Bearish
The market’s gyration narrowed down to the tip of the symmetrical triangle, which eventually fostered a breakout. The US 30 market is diving to attack the lows at 32751.0. A break of the support level at 32751.0 would be a clear signal for a change of market direction.
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