US30 Bulls Hanging on Thin Balance as Sellers Gain Momentum

Market Analysis – January 9th

US30 bulls Hanging on a thin balance as sellers gain momentum. The bulls in the US30 market may have exhausted their strength and are currently hanging on a thin balance. After trading above the significant zone of 37000.000, the bulls have entered a consolidation phase. However, sellers are putting in significant effort to push the price backward. If their attempts are successful, the price is likely to pull lower.

US30 Key Levels

Resistance Levels: 37026.810, 35889.800
Support Levels: 33845.000, 32378.400

US30 Long-Term Trend: Bullish

Since November, the bulls have maintained a solid touch, with buyers stepping in after a downtrend that brought the price down to the 32378.400 level. The bulls initially breached the 33845.000 price zone before gradually advancing. However, as the year drew to a close, the buying sentiment began to wane. Throughout December and into 2024, the bulls have failed to challenge the significant level of 38000.000.

With the current accumulation phase in view, the US30 market remains on the brink of a decisive move. The sellers may be desiring a downtrend moment this year, which will only materialize if buyers fail to successfully push through. The Relative Strength Index (RSI) is currently trading in the overbought region, indicating that buyers may be closing their positions in the near future. 

US30 Short-Term Trend: Bearish

The current market atmosphere may present sellers with an opportunity to drive the price lower. However, it is important to note that the US30 hangs in a state of breakout, waiting for a clear direction either on the buy or sell side.

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