US 30 Nears All-Time High

Market Analysis – July 12

US 30 formed a double bottom pattern with a clear W-shaped structure after reaching the demand level of 37,750 in April. This formation indicated a bullish reversal. Since then, the index has surged toward the previous all-time high of 45,065.0 and is now on the brink of setting a new record.

US 30 Key Levels

Demand Levels: 43,116.0, 41,789.0, 37,750.0
Supply Levels: 45,065.0, 46,000.0, 47,000.0

US 30 Long-Term Trend: Bullish

After a confirmed bullish Shift in Market Structure (SMS) in May, the price retested the support level at 41,789.0 twice, reinforcing the strength of the upward momentum. This retest also aligned with a rebound off the Moving Averages (periods 39 and 50), lending further support to the bullish trend.

The price climbed sharply following the double confirmation at 41,789.0 and has approached the all-time high of 45,065.0. It has tested this level twice and is now making a third attempt to break above it. However, a swing high has already formed just below the all-time high, suggesting a possible retracement. For a breakout to succeed, the bulls must generate enough momentum to surpass this resistance. Traders may consider using forex signals to anticipate breakout confirmation or retracement behavior.

US 30 Short-Term Trend: Bullish

On the lower time frame, a pennant pattern has developed, indicating a phase of reaccumulation. This technical formation suggests that the market is gathering strength for a potential impulsive breakout. If validated, this move could push the price to new historical highs, confirming the prevailing bullish trend.

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