US30 Continues Upward as Price Bounces at Demand Zone
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US30 Continues Upward as Price Bounces at Demand Zone

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Azeez Mustapha

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Market Analysis – June 7 

US30 continues upward as the price bounces at the demand zone of $38019.0. Notably, on the daily chart, US30 has always been reacting towards the $38019.0 price level. The occurrence of the BOS (Break of Structure) at $40022.0 indicates that the market’s overall trend is bullish. However, the bullish move is not quite impressive, as major retracements clear out the majority of the gains at every trading range.

US30 Key Levels

Resistance Levels: $40095.0, $42000.0
Support Levels: $38019.0, $37211.0

US30 Continues Upward as Price Bounces at Demand Zone

US30 Long-Term Trend: Bullish

The occurrence of the BOS (Break of Structure) at $40022.0 indicates that the market’s overall trend is bullish. This signal suggests that the market is poised for upward movement, showing a positive sentiment among market participants. However, despite this bullish trend, the momentum is not particularly strong or convincing. Major retracements are frequently occurring, which means that after each rise, there are significant pullbacks that erase most of the gains achieved within each trading range.
 
Consequently, while the overall direction points upwards, the market is struggling to maintain consistent upward progress due to these regular and substantial corrections. As the price continues upward, another retracement is highly probable as the price reaches the bearish order block around the $40000.0 psychological level. The retracement might last till the price bounces off the breaker block around $39000.0 price level.

US30 Continues Upward as Price Bounces at Demand Zone

US30 Short-Term Trend: Bullish

On the four-hour chart, the market is currently bullish. Following the upward move out of the bullish order block, the market continued its uptrend in fractals. The fractal moves led to an MSS (Market Structure Shift), further confirming that the bulls now have more control over the bears. The bullish trend is expected to continue, at least until the price reaches $39484.0.

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