US30 Bulls Show Resilience but Face Potential Challenges Ahead

Azeez Mustapha

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Market Analysis – January 2nd

US30 bulls show resilience but face potential challenges ahead. The US30 bulls have displayed a commendable level of stability in recent times, demonstrating their determination to push the market forward. Even as we enter 2024, buyers continue to exhibit aggressive energy, signaling the possibility of a further upward trend toward the 38000.00 price zone.

US30 Key Zones

Resistance Zones: 38000.00, 37039.00
Support Zones: 33845.00, 32275.00

US30 Bulls Show Resilience but Face Potential Challenges Ahead

US30 Long-Term Trend: Bullish

Since November, buyers have established a strong bullish trend, with bearish forces only managing to bring the market down to the 32275.00 level before buyers regained control. Since then, they have been charging forward relentlessly, aiming for a breakthrough.

However, despite the buyers’ growing intensity, there have been some indications of a decline in the US30 price index, as seen in the momentum indicator. This could suggest that buyers may be losing their guard and could face hindrances in breaching the significant level of 38000.00. It is essential to monitor these developments closely to assess potential challenges for the bulls.

Additionally, the MACD (Moving Average Convergence and Divergence) indicator has reached a peak close to 500 points, with the signal line showing a possible downward slope shortly. These signals may indicate a potential slowdown in bullish momentum.

US30 Bulls Show Resilience but Face Potential Challenges Ahead

US30 Short-Term Trend: Bullish

Considering the current situation, buyers may eventually wear out as we progress into 2024. To achieve further breakthroughs, the bulls will need to muster solid force and determination.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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