US 30 Resistance Trendline Transforms Into a Support Trendline

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Market Analysis : April 25

The US 30, also known as the Dow Jones Industrial Average Index, has been grappling with a persistent resistance trendline that has thwarted its attempts to soar beyond the 34381.0 zone since April of last year However, recent market analysis reveals an intriguing development: the resistance trendline provided support for a takeoff towards the 34381.0 zone.

A closer examination of the 24-hour chart shows that in March, the market retested the bearish trendline and found support, propelling the US 30 toward the coveted 34381.0 resistance zone. The Bulls have been tenaciously attempting to bridge this resistance zone, but a noticeable decrease in momentum has been observed on the daily chart, indicating a potential shift in market dynamics.

US 30 Key Zones

Demand Zones: 31718.10, 30171.10, 28675.10
Supply Zones: 34381.10, 35551.10, 37007.10

US 30 Long-Term Trend: Bullish

The long-term trend for the US 30 has been bullish, with the market ascending from the support zone of 28675.0 in October when it was oversold. The bullish momentum gained significant traction, pushing the market higher. However, the attempts to breach the formidable 34381.0 supply zone between December and February were unsuccessful, resulting in a consolidation phase above 32751.0 until late February.

Undeterred, the Buyers have launched yet another attack on the supply zone, pushing up from the support zone of 31718.0. However, as the price approaches the resistance zone, a drop in momentum has been observed in the indicator phase, evident in the formation of smaller-sized candles on the daily chart. This suggests that the market may be losing steam in its upward push, and a retracement may be in order.

US 30 Short-Term Trend: Bearish

The short-term trend for the US30 is currently bearish, with a pullback to the support zone of 32751.0 anticipated to gain sufficient bullish momentum to finally break through the resistance zone. The Stochastic indicator also supports the need for a retracement, as the market is currently overbought on both higher and lower timeframes.

In conclusion, the US30 market has been grappling with a stubborn resistance trendline that has impeded its upward momentum for nearly a year. However, recent market analysis reveals a potential shift in market dynamics, with the resistance trendline transforming a support trendline. While the long-term trend remains bullish, with the market attempting to breach the formidable 34381.0 resistance zone, a drop in momentum and the need for a retracement suggest that further market developments warrant close monitoring

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