US 30 Witnesses Sudden Plunge Upon Reaching 39896 Supply Zone

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.

You can purchase Lucky Block here.  Buy LBLOCK

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.