US 30 Undergoes a Precipitous Descent Towards the Stronghold of Support at 32751.0

Market Analysis – May 16

US 30 appears to be guided by a resistance trend line on the daily chart. The daily candles have fallen below the Moving Average in Period 9 to signify a price decline. A bearish breakoff structure has played out successfully on the daily chart. As the market keeps repelling from the resistance level of 34381.0, the key level of 32751.0 continues to provide support.

US 30 Key Levels

Demand Levels: 32751.0, 31718.0, 30171.0
Supply Levels: 34381.0, 35551.0, 37007.0

US 30 Long-Term Trend: Oscillatory

During the waning embers of the preceding year, a robustly bullish tempest raged within the realms of the US 30 market. October witnessed the birth of a double bottom formation, wherein the subsequent RTO (Return to Order Block) instigated an explosive upheaval. Six consecutive days of bullish candles arranged themselves in harmonious alignment, cascading towards 32885.0.

However, the once inexorable tide of bullish momentum witnessed a notable ebb following its protracted expansion. The buyers, striving to breach the celestial realm of 34061, found their endeavors marred by the illusory specter of false breakouts in November. Consequently, the market metamorphosed into a protracted epoch of consolidation, its immutable grip unyielding until the vernal equinox of March.

US 30 Short-Term Trend: Bearish

The unmitigated bullish order block seems to be the short-term destination on the US 30 market. The buyers have failed once again to push above the 34381.0 resistance level.

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