US30 Buyers Loosen Grip Above the 34873.700 Price Zone
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US30 Buyers Loosen Grip Above the 34873.700 Price Zone

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Azeez Mustapha

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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 Buyers Loosen Grip Above the 34873.700 Price Zone

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 Buyers Loosen Grip Above the 34873.700 Price Zone

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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