The US 30 index has exhibited a bearish shift in market structure following a drop below the demand level of 39,076. The price is now retracing to a bearish breaker block, which is currently acting as resistance.
In early August, the US 30 formed a failure swing, signaling market weakness and a potential trend change. This led to a decline down to 38,387.0, where the descent temporarily paused.
The market is now undergoing a correction after a significant downward movement. This correction is characterized by a sluggish upward trend. The Williams Percent Range indicated an oversold condition just before this correction began.
US 30 Short-Term Trend: Bullish
The current retracement on the daily chart suggests a bullish trend on the 4-hour timeframe. However, traders should remain cautious as this bullish trend on the lower timeframe has met resistance at a higher timeframe premium array. The Williams Percent Range on the 4-hour chart shows overbought conditions, indicating potential for a bearish reversal. It is advisable to monitor for signs of a bearish shift on the lower timeframe to generate the best forex signals.
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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