Market Analysis May 9
US 30 remains stuck below the resistance zone of 34061.0 after multiple breakout attempts. The current ascent from the bullish confluence is anticipated to provide an extra push for a breakout.
US 30 Key Levels
Demand Levels: 32885.0, 31740.0, 30854.0
Supply Levels: 34061.0, 34595.0, 35000.0
US 30 Long-Term Trend: Ranging
A very strong bullish trend abounded in the US 30 market during the last quarter of the year. After a double bottom formed in October, the RTO (Return to Order-block) was followed by an explosion. The momentum of the market’s ascent hit the resistance levels like bombshells, causing breakouts. Six consecutive bullish candles lined up to reach 32885.0.
The bullish momentum had declined greatly after a long expansion. The buyers could only produce false breakouts above 34061 in November. The market transformed into a long-term consolidation, which lasted until March.
US 30 Short-Term Trend: Bullish
The bearish breakout below 32855 appears to be engineered to provide support for a breakout. The support level of 32855 has aligned with the bullish trendline as a confluence zone to provide greater support. The price is rising towards 34062 to make a new breakout attempt.
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