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Market Analysis – May 30, 2024
The US 30 experienced a significant downturn after approaching the 39986.0 supply zone. This level, historically a point of resistance, saw bears assert dominance, leading to a notable price drop. This pattern mirrors the decline observed in the previous month, reinforcing the supply zone’s impact on market movements.
Key Levels for US 30:
Demand Levels: 38560.0, 37752.0, 37238.0
Supply Levels: 39986.0, 40000.0
Long-Term Trend: Bullish
The long-term trend for US 30 remains bullish despite recent declines. However, the Hull Butterfly Indicator shows a waning bullish momentum since testing the 39986.0 supply level. The price has dipped below the short-term support of the 9-period Moving Average, indicating a temporary price decline.
The demand zone at 38560.0 is critical, as a pullback to this support level is anticipated to generate bullish momentum, potentially resuming the uptrend towards the 39986.0 supply zone.
Short-Term Trend: Bearish
In the short term, US 30 exhibits bearish tendencies. The price decline has currently paused at a 4-hour bullish order block. However, the order block’s ability to halt further decline remains uncertain. For a more definitive bullish signal, the price needs to rise above the 21-period Moving Average, which would validate safer long positions in the forex market.
In conclusion, while the US 30’s long-term outlook remains positive, short-term bearish pressures and critical supply and demand levels will dictate market movements in the near term. Traders should watch for confirmations around the 21-period Moving Average to generate forex signals for long opportunities.
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