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Market Analysis- November 29
US30 buyers struggle to sustain the rally as sellers pose a threat. The buyers in the US30 market are currently facing difficulties maintaining their bullish rally. It seems that the buyers have become less vigilant, allowing the sellers to potentially regain control. While the sell position has not been confirmed yet, there are gradual signs of sellers making their presence known.
US30 Key Zones
Resistance Zones: 35680.300, 35019.500
Support Zones: 33862.500, 32291.700
US30 Long-Term Trend: Bullish
Looking at the daily chart, we can see that there has been strong buying momentum since early November. This momentum propelled the buyers to engulf the sellers at a significant zone of 32,291.700. Just last week, the buyers were able to penetrate the market zone at 35,019.500. However, since then, the buying pressure has been on the decline.
The next target level for the buyers is the important level of 36000. It is worth noting that this level has not been breached by bullish pressure throughout the year. Given the current decline in buying pressure, it is unlikely for buyers to reach the significant level of 35,680.300 at the moment. The sellers are gradually showing signs of presence in the market.
Traders should keep an eye on the Moving Average Crossing indicator. If a golden cross occurs, it will be a signal for sellers to consider entering a trade.
US30 Short-Term Trend: Bearish
The Momentum indicator still indicates a decline in market sentiment as the buyers appear to have dropped their guard.
If the buyers fail to sustain their momentum, this week’s trading may see the sellers pushing the price back to the important level of 35,019.500.
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