US30 Bullish Trend Faces Critical Resistance At 44919.0 Supply Level

Market Analysis – December 17

The US30 index since hitting a low in late September 2024, has sustained a strong bullish trend, supported by a well-defined ascending trendline. This upward momentum enabled the price to break through several supply zones, showcasing robust buying pressure. The rally peaked at the significant 44919.0 supply level, where a noticeable decline has emerged, indicating growing bearish pressure at this critical juncture.

US30 Key Levels

Demand Levels: 37578.0, 35688.0, 32391.0
Supply Levels: 39960.0, 42300.0, 44919.0

US30 Long-Term Trend: Bullish

In mid-July 2024, the index briefly breached a long-term bearish trendline, causing initial uncertainty. However, this breach proved unsustainable as buyers reclaimed control, resuming the broader bullish trajectory. The ascending trendline has since remained intact, guiding the price upward to recent highs.

Despite this bullish perspective, early signs of weakness are beginning to surface. The daily Relative Strength Index (RSI) indicates waning momentum, signaling a slowdown in buying pressure. Furthermore, the price has dropped below the daily Moving Average, which often reflects a shift in sentiment toward bearish conditions.

While these indicators warrant caution, the ascending trendline continues to provide solid support. As long as the price respects this level, the broader bullish structure remains intact.

US30 Short-Term Trend: Bearish

In the short term, price action has turned bearish following a rejection at the 44919.0 supply level. The decline has been steady, with the price moving closer to the ascending trendline support. The 4-hour RSI shows that the index is no longer in overbought territory, creating a setup for a potential bullish rebound.
If buyers defend the trendline support, the index could align with the broader bullish trend, potentially retesting the 44919.0 level. However, a decisive break below the trendline would confirm a shift in momentum, signaling the onset of a larger bearish reversal. This could pave the way for further declines toward lower demand zones.

The US30 index remains within a broader bullish framework but faces significant resistance at the 44919.0 supply level. Short-term bearish pressure is evident, and the ascending trendline support will play a pivotal role in determining the next major move. Forex signals suggest closely monitoring price action at this level for signs of either a bullish rebound or a bearish breakdown.

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