The US 30 index has resumed its upward trend with a strong rebound after testing its key bullish trendline. The liquidity around the relative equal lows near the 42,000 level has been tapped, sparking a bullish drive toward the resistance level of 43,330. This shift signals renewed buying interest as the price heads higher.
In mid-October, a test of the resistance trendline on the daily chart triggered a substantial sell-off. This decline was further reinforced by the three black crows candlestick pattern, which pushed the US 30 price below the nine and twenty-one period Moving Averages. At this point, the downtrend appeared to be gaining strength as sellers took control.
However, when the US 30 price reached the supportive boundary of the bullish parallel channel, the Stochastic indicator signaled the market was oversold, hinting at a potential reversal. This condition helped initiate the rebound, and the price has since climbed back above the nine and twenty-one period Moving Averages, confirming the continuation of the uptrend.
US 30 Short-Term Trend: Bullish
On the lower timeframe, the previous decline was contained by a resistance trendline. After testing the support level at the bottom of the channel, the price broke above this resistance trendline on the daily chart, signaling a bullish reversal. The momentum indicator shows strong upward momentum, confirming a structural break and establishing a new high at 43,520. This breakout reflects robust buying pressure and suggests the potential for further advances toward higher supply levels if bullish momentum continues.
This recent breakout strengthens the US 30’s bullish outlook, as both long-term and short-term trends align to suggest continued gains, potentially providing insightful forex signals for investors looking to capitalize on the current trend.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investment results.
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