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Market Analysis – September 5
US 30 retreats below the 35113.90 key level. Recently, the market has faced some resistance at the 35113.90 level, which is a historical high reached last month. The buyers have failed to break above this level, despite several attempts in the past few weeks. This indicates that the bullish momentum is losing strength and the sellers are gaining control.
US 30 Key Levels
Resistance Levels: 35113.90, 34021.20
Support Levels: 33482.10, 32651.00
US 30 Long-Term Trend: Bullish
The reason why the buyers got rejected around the 35113.90 level could be due to several factors. Whatever the cause, the result is that the demand for US 30 stocks has decreased and the supply has increased. This, as a result, has led to downward pressure on the price.
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Gradually, the market’s attention is shifting to a bearish phase as we speak. But we can’t yet cross out the bulls in the market. The bulls have been up and down for the past few months. Since April, the bullish trend has been confirmed as buyers pushed above the 200 SMA (Smooth Moving Average).
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The price action is still above the 200 SMA on the daily chart. It is safe to say that the buyers could get back in later. Traders should therefore watch out as sellers temporarily influence the market. The Parabolic SAR (Stop and Reverse) is closely parked on a bullish trend despite the price reversal. This therefore implies that bulls need to get back into action to breach the 35113.90 key zone.
US 30 Short-Term Trend: Bearish
On the short time frame, the market is below the 200 SMA, which indicates a sell-off is ongoing. The bulls therefore need fresh momentum to turn the situation around. One way to generate fresh momentum for buyers is to have an influx of buying liquidity in the market.
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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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