Market Analysis – April 18
The US 30 market, also known as the Dow Jones Industrial Average Index, has failed to soar beyond the resistance level of 34381.0 since April last year. The Bulls are attempting to bridge the resistance level, but reduced momentum has been noticed on the 24-hour chart.
US 30 Key Levels
Demand Levels: 31718.0, 30171.0, 28675.0
Supply Levels: 34381.0, 35551.0, 37007.0
US 30 Long-Term Trend: Bullish
The US 30 ascended from the support level of 28675.0 in October when the market was oversold. The Bullish moment rose significantly with the uptrend. Due to the will to push beyond the supply level 34381.0, the Buyers struck three times between December and February but failed eventually. The defense of the 34381.0 supply level held the market in consolidation above 32751.0 till late February.
The buyers have launched again from the support level of 31718.0 to launch an attack on the supply zone. As the price approaches the supply level, the momentum has been observed to drop on the indicator. This is also evidenced by the smaller candles forming on the daily chart.
US 30 Short-Term Trend: Bearish
A pullback to the support level of 32751.0 is anticipated to gain sufficient bullish momentum to break the resistance level. The Stochastic also indicates the need for a retracement as the market is currently overbought on the higher and lower timeframes
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