Market Analysis- October 3
US30 bearish momentum persists, but buyers eye a potential reversal. The Dow Jones index has shown remarkable resilience to bearish pressures, with sellers maintaining a firm grip on the market. Despite numerous attempts by buyers to regain control, the bearish trend endures. This struggle comes on the heels of a breach at the 33633.10 market zone, a pivotal moment that cemented the sellers’ dominance.
US30 Key Levels
Resistance Levels: 35753.50, 34995.00
Support Levels: 33633.10, 34064.10
US30 Long-Term Trend: Bearish
The sell-off found renewed vigor after the market’s ardent battle around the 34064.10 significant level. While buyers did attempt a resurgence above the 34995.00 price level, their setback created an opportune moment for sellers to pounce. It further solidifies the prevailing bearish sentiment. Adding to the bearish case is the Moving Average Crossing indicator’s endorsement of the sell trend through the golden cross. It signals that bears are currently in control.
However, a glimmer of hope emerges when analyzing the Stochastic RSI (Relative Strength Index) combination, which positions the market in the oversold region. This observation hints at the potential for a buy-side resurgence. It suggests that stronger bullish momentum could contest the prevailing sell-off in the market.
US30 Short-Term Trend: Bearish
The ongoing accumulation of strength by sellers remains a dominant theme in the Dow Jones market. Despite this, buyers are poised to stage a potential comeback, seeking to alter the narrative surrounding Dow Jones’ price trajectory. Nevertheless, it is important to note that the selling sentiment is expected to persist this week.
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