US30 Bullish Trend Hangs in the Balance as Sellers Take Control

Market Analysis – January 23rd

US30 bullish trend hangs in the balance as sellers take control. The  Dow Jones is currently facing a precarious situation as the bullish trend hangs on a thread. The sellers have initiated a motion that threatens to undermine the efforts of the bulls.

Despite the initial push by the bulls to breach the 38000.000 price level, it seems that this key level is an insurmountable obstacle for buyers. However, bullish traders are still holding on, determined to maintain the upward momentum.

US30 Key Levels

Resistance Levels: 38000.000, 37167.000
Support Levels: 34847.000, 32316.000

US30 Long-Term Trend: Bullish

The bullish stretch began after a period of bearish activity near the significant zone of 32000.000. In early November of last year, buyers initiated a race that lasted for a considerable period. The bulls exhibited massive strength, which carried them through until the end of the year.

On the daily chart, the buyers experienced an expansion that was sustained until the 38000.000 price level was reached. The US30 then entered a consolidation phase at the beginning of the new year before buyers found their pace once again.

However, this week, despite the buyers’ efforts, they were unable to break through the significant zone of 38000.000. The momentum indicator, which measures the speed and strength of price movements, has slowed down. This decrease in momentum has prompted sellers to show interest in pulling back and potentially reversing the current trend.

US30 Short-Term Trend: Bearish 

Additionally, the Money Flow Index Indicator, which measures the flow of money into or out of a security, is channeling back towards the lower region. This suggests that there may be a potential downward movement in price before any bullish continuation.US30 Short-Term Trend: Bullish

Although buyers may be growing weaker, traders must pay close attention to any changes in the market. The balance between buyers and sellers can shift rapidly, and it is important to stay vigilant for any change.

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