US30 Bullish Sentiment Persists

Market Analysis – December 19th

US30 bullish sentiment persists as the new year brings a potential breakout. The US30 index has maintained its bullish composure solidly throughout this week, refusing to give up its upward momentum. The index market has a lot to offer for the new year, with the potential for continued upward movement or a possible reversal.

US30 Key Levels

Resistance Levels: 38000.000, 36000.000
Support Levels: 33791.000, 32321.000

US30 Long-Term Trend: Bullish

For the majority of 2023, bulls have been the dominant theme in the US30 market. The buyers initiated a weak bullish trend after the sellers pushed the price down to a significant level of 31359.000 in March.

However, the sellers regained control when the buying momentum halted around the 35444.000 price zone. From July onwards, the Dow Jones witnessed a crash, entering a downtrend channel that lasted for several months. The bears exhibited a steady rally, driving the price lower to the significant level of 32321.000.

However, the market is currently experiencing a strong resurgence from buyers. The bullish momentum is steadily progressing towards the significant level of 38000.000. The momentum indicator reflects the ongoing high flow of bullish sentiment in the market. The Relative Strength Index (RSI) indicates an overbought region, suggesting that buyers are currently exerting all their strength.

US30 Short-Term Trend: Bullish

As we approach the new year, traders should keep a close eye on the buyers as they continue to fight for control. The US30 price may potentially experience a breakout or a reversal at the 38000.000 price level. It will be essential to monitor market dynamics, key price levels, and the RSI indicator for further insights into potential shifts in momentum.

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