Market Analysis – November 11
US30 bulls edge towards a 34203.00 stronghold. The market is currently in a tug of war as the bulls fight to make headway near the crucial 34203.00 level. This battle has been ongoing for some time.
The recent price rally has shown that buyers have struggled to breach this significant zone. Even in the middle of October, buyers attempted to reach this level but couldn’t break through. This resistance indicates the strength of the selling side at this key level. It’s expected that if buyers give up, the price may take a U-turn.
US30 Price Zones
Resistance Zones: 35641.340, 35021.310
Support Zones: 32794.410, 32309.640
US30 Long-Term Trend: Bearish
Looking at the long-term trend, the index has been in a bearish mood, with sellers having the upper hand. Although both buyers and sellers have been active at various points, bearish sentiment seems to have dominated the market. The bulls started to regain momentum around the end of October, starting at the 32794.410 price level.
However, on Monday, the bears made a move, and the momentum indicator is currently showing a decline. This setup suggests that buyers are facing a challenge.
The Parabolic SAR (Stop and Reverse) indicator remains on a positive trend despite the current struggle from buyers.
US30 Short–Term Trend: Bullish
On the 4–hour chart, the bulls are still eager to make a push. Traders should not underestimate the resilience of buyers and should be prepared for potential market moves.
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