US 30 Price Sinks to Demand Zone

Market Analysis – July 24

The US 30 index has successfully broken out from an ascending triangle on the daily chart. On July 12th, the well-defended resistance zone at 40,094.0 was breached. The price is currently undergoing a pullback after this breakout, seeking support to sustain the bullish stance.

US 30 Key Levels

Demand Levels: 40,094, 39,504
Supply Levels: 41,000, 42,000

US 30 Long-Term Trend: Bullish

Following the bullish breakout, the emergence of three white soldiers indicated strong bullish momentum. However, the Relative Strength Index (RSI) signaled exhaustion, leading to the formation of a swing high at 41,414.

The price is now experiencing a healthy pullback towards the demand level of 40,094. It has fallen below the 9-period Moving Average, indicating a retracement, but remains above the 21-period Moving Average, suggesting that the market is still bullish.

US 30 Short-Term Trend: Bearish

The lower timeframe (4-hour chart) is bearish, with the Moving Averages hovering above the daily candles. It is important not to get trapped in the short-term bearish trend as the market enters a demand zone on the 24-hour timeframe. A shift in market structure on the lower timeframe could establish safer bullish forex signals with a higher risk-to-reward ratio.

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