US30 Buyers Are Unable to Overthrow the Bearish Structure

US30 Analysis – March 14

US30 buyers are unable to overthrow the bearish structure in place, and as a result, the price has slumped below the 32433.0 significant level. The resurgence of buyers has begun since October 2022. The price was able to bypass several key levels. The 32830.00–32433.0 zone presented a barrier to the rise in price but was soon breached. However, the market could breach the next major resistance at 34430.0.

US 30 Significant Levels:

Resistance Levels – 33301.0, 34430.0, 36850.0
Support Levels – 32830.0, 32433.0, 31716.0

US 30 Long-Term Trend: Bearish

Afterward, the price settled on the former resistance level of 32,830.00, and from there into the new year, the market kept ranging and testing the 34430 resistance level for any point of weakness. It can be said that the structure of the bears’ actions in curtailing the market remained firm while the buying base weakened. Soon afterward, even the 32830.00 – 32433.0 support zone could not keep the market afloat.

This has led to a plummet in the price, and currently, the trading level is around 31716.0. As things stand, the 32830.00 – 32433.0 transition zone will resume its duty of opposing the price increase, and it will take a major effort to immediately bypass the zone again. Hence, there is anticipation that there will be more price drops. The power line of the EFI (Elders Force Index) has dropped considerably in a knockout of the bulls.

US 30 Short-Term Trend: Bearish

The MA period 80 (Moving Average) has been breached as well and is currently found above both the daily and 4-hour candlesticks. Interestingly, the EFI power line on the 4-hour chart has rallied quickly back to equilibrium, which could point to the fact that the bulls are regrouping in the short term and it is expected that they will make a move. Whatever happens at the current price level of 31716.0 will determine the next move of the market.

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