US30 Buyers Loosen Grip Above the 34873.700 Price Zone

Market Analysis – November 23

US30 buyers loosen grip above the 34873.700 price zone. Dow Jones is witnessing a loosening grip from buyers above the significant level of 34873.70. After a prolonged period of bullish expansion, buyers have shown a decrease in resilience. This is allowing sellers to make a gradual return. While sellers may lack the potential to drive prices significantly lower, their presence is likely to impede the progress of buyers.

US30 Market Levels

Resistance Levels:34873.700, 35726.880
Support Levels: 32850.040, 32329.970

US30 Long-Term Trend: Bullish

Over the past few weeks, bulls and sellers have engaged in a back-and-forth struggle. Starting with the closing of July trades, bears exerted strong tenacity on their momentum. This, however, led to a decline from the 35726.880 significant level. The trending channel displayed a prolonged pull from sellers, reaching its peak resistance at the 32329.970 significant level. Subsequently, there has been an upturn in bullish momentum.

US30 Short-Term Trend: Bullish

Recently, buyers managed to surpass the 34873.700 market hurdle. Now it appears they may require additional support as sellers initiate a comeback. Following a brief sell pullback, there is potential for further expansion, possibly reaching the 35726.880 significant level again.

The Parabolic SAR (Stop and Reverse) indicator remains on a solid route. It indicates that buyers still hold significant influence in the market dynamics. Traders looking for a bullish opportunity should look out for the aftermath of a price retest. The buy traders remain steady to lead another expansion.

 

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