US 30 Retreats as Buyers Struggle to Push Further
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US 30 Retreats as Buyers Struggle to Push Further

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Azeez Mustapha

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US 30 Analysis – June 20

US 30 retreats as buyers struggle to push further. The stock index has been retreating in recent days as buyers have been unable to push the index further.

The bulls have been unable to maintain the positive trend, with the index now heading south away from the 345780 key level. Buyers have been unsuccessful in breaking through this key level, indicating that a bearish phase may be in progress.

US 30 Key Zones

Resistance Zones: 34587.0, 32705.0
Support Zones: 31853.0, 28683.0

US 30 Retreats as Buyers Struggle to Push Further

US 30 Long-Term Trend: Bullish

The 345780 key level is seen as an important marker for the US 30 index, as it can indicate whether the market is in an upward or downward trend. Thus, the failure of buyers to break through this level could be seen as a sign that the market is ready to move in the opposite direction.

The buying action in the stock market has been consistent since the middle of March this year. After the market picked up strength at the 31853.00 key zone, buyers pushed forward and managed to break the 32705.00 key level.

Following this, sellers filled the market with liquidity, and the market returned to the 32705.00 level. However, the buyers have remained positive since the retest and are projected to break beyond the 34578.00 market level in the coming days. 

The Parabolic SAR (Stop and Reverse) indicator has been heading north throughout this, confirming the bullish trend despite the recent struggle of the bulls. This is indicative of the strength of the buyers in the market, as they remain confident of breaking through the 34578.00 level. 
US 30 Retreats as Buyers Struggle to Push Further

US  30 Short-Term Trend: Bullish

On the 4-hour chart, the sellers remain in the picture, and time will tell how long this retracement will last. The price keeps forming higher highs and higher lows in the market. This implies that buyers should look out for a new entry when the selling phase is already over.

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Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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