US100 Deposits Bullish Order Block In Its Ascent

Market Analysis – February 5 

US100 delivered the sell-side of the market from August to September. The market declined from the supply level at 13705.0 to the demand level at 10708.0. The market is coming delivering the buy-side of the market.

US100 Key Levels

Resistance Levels: 12732.0, 13214.0, 13705.0
Support Levels: 12187.0, 11300.0, 10708.0

US100 Long-term Trend: Bullish

US100 bears engaged the market at different prices to seek liquidity below the major low formed in June. The selloff was initiated at 13705 when the Stochastic revealed that the market was overbought. At the supply level test, the parabolic SAR (Stop and Reverse) points were above the daily candles. This engineered the bears’ shift in market structure. More sellers saw the opportunity and shorted the market at 13214.0 and 12732.0 key levels.

The demand level at 10708 is well-defended. The sellers made multiple attempts to break through the demand level but failed. The support level was tested in October, November, and December. The buyers were unyielding to the force of the Bears. After the Stochastic dipped into the oversold region in January, the bulls emerged strong from a double-bottom bullish reversal chart pattern. The Parabolic SAR (Stop and Reverse) points have formed only below the daily candles since the test of the demand level in January.

US100 Short-term trend: Bullish

The market has reached the resistance level of 12732.0. The Williams % R (Williams Percent Range) is currently overbought on the higher and lower time frames. A retracement to the bullish order block at 12187.0 is expected on the market.

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