Market Analysis – July 4th
The US 30 index has been engaged in a persistent battle to surpass the significant resistance level of 34400. Despite numerous attempts, it has struggled to sustain a breakthrough, often experiencing false breakouts with temporary spikes above the key zone.
Presently, the price is once again positioned near the resistance zone, highlighting the ongoing contention.
US 30 Key Levels
Resistance Levels: 34400.0, 35000.0, 36000.0
Support Levels: 33650.0, 32600.0, 32000.0
US 30 Long-Term Trend: Ranging
The Bears have consistently defended the 34400.0 level, preventing a sustained price rise beyond this point. Since December, there have been approximately seven attempts to breach this resistance level, all of which have been unsuccessful.
The US 30 index has demonstrated bullish breakout patterns above bearish trendlines in its attempts to attack the resistance level of 34400.0.
However, the current trend shows signs of weakness, as indicated by the Average Directional Index (ADX) Indicator. This suggests the potential for renewed short-selling activity at the resistance level.
US 30 Short-Term Trend: Bullish
In the short term, the US 30 index experienced a bullish swing, aided by the demand level of 33600.0, which propelled the price toward the supply level of 34400.0.
However, given the formidable strength of the 34400.0 supply zone, it is anticipated that the price will retreat to the demand level. The struggle to break above 34400.0 has created a challenging environment for bullish momentum in the short term.
The US 30 index continues to face resistance at the key level of 34400.0, highlighting the significance of this price point. While attempts have been made to breach this level, the inability to sustain upward momentum suggests a challenging scenario for buyers.
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