Market Analysis – April 11
US 30 has witnessed a significant drop in the volume of its transactions since the 25th of October, 2022. US 30 has also witnessed long-term consolidation for a space of four months (November to February). The key level of 34381.0 remains unyielding giving way to a rise in the price.
US 30 Key Levels
Resistance Levels: 34831.0, 35551.0, 37007.0
Demand Levels: 32751.0, 31178.0, 30171.0
US 30 Long-Term Trend: Bullish
Until, November last year, the market displayed significant up-and-down trends. After the test of the supply level of 37007.0 and the indication of a bearish reversal of the MACD (Moving Average Convergence and Divergence), US 30 adopted a downward trend until mid-June. Significant pullbacks and short-term consolidation were features of the long-term downward trend. The next two months (17 June through 16 August) were ruled by the buyers. The end of September put an end to the downtrend that followed.
The last major trend witnessed on the US 30 market was the uptrend from 28675.0 to 34381.0, which was initiated after the MACD crossed to turn bullish. The parallel weave of the Moving Average lines showed the consolidation from November until February’s end.
US 30 Short-Term Trend: Bullish
The bulls seem not to give up as they are taking another strike toward the well-defended resistance level of 34381.0. A bullish order block resting at 32751.0 is expected to provide increased momentum to strike the resistance level of 34381.0
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