Market Analysis- May 23
US 30 is price is currently diving through a falling wedge towards the demand level of 32751.0. A bullish Order-block is currently resting at the demand level which is capable of transforming the market direction to an uptrend.
US 30 Key Levels
Demand Levels: 32751.0, 31718.0, 31200.0
Supply Levels: 34228.0, 34628.0, 35551.0
US 30 Long-Term Trend: Bearish
US 30 market structure was undefined between March and February. Lower highs and higher lows are formed on the daily chart. The swing highs and lows narrowed down to a point to form a symmetrical triangle. A bearish breakout followed with the Parabolic SAR (Stop and Reverse) leading the price to 31718.0.
The price soon escaped from the support level. The Stochastic signified the market was oversold in March. Primo shadows formed under the daily candlesticks to reveal the rejection of the zone. The Parabolic SAR (Stop and Reverse) appeared below the candles to confirm the uptrend.
US 30 Short-Term Trend: Bearish
In the 4-hour time frame. A head and shoulders bearish pattern has formed at the 33438.0 significant level. The Parabolic SAR (Stop and Reversal) also indicates bearishness. The price is expected to dip to 32751.0
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