US30 Faces Resistance at Key Psychological Levels

Market Analysis – October 19

US30 faces resistance at a key psychological levels, and this could lead to a possible shift in momentum. The battle for dominance between buyers and sellers is an ongoing saga. The psychological level of 34056.510 is where this showdown is taking place.

US30 Key Levels

Resistance Levels: 35699.20, 35021.450
Support Levels: 33483.580, 32805.110

US30 Long-Term Trend: Bearish

The buyers had been on an impressive run since the beginning of October, demonstrating a great deal of strength and determination. Their mission was clear: break through the formidable 33483.580 significant level. They managed to make inroads last week, and for a moment, it seemed like they might succeed in maintaining their momentum.

However, the buyers hit a roadblock at 34056.510, and the sellers are not showing any sign of backing down. The long-term trend in the market has been leaning towards the bears as the buyers struggled to sustain their upward push. The fight for control at the psychological level indicates the potential for a shift in momentum.

A glance at the daily chart shows that the Parabolic SAR (Stop and Reverse) indicator has yet to indicate a clear sell direction. This also adds an element of uncertainty to the situation. However, the Stochastic RSI (Relative Strength Index) paints a different picture, with the price hovering in the overbought section. It suggests a possible impending correction.

US30 Short-Term Trend: Bullish

On the 4-hour chart, it’s evident that the sellers are actively seeking an opportunity to drive the price down towards the trend line. The bears seem to be strengthening their position, particularly as buyers face resistance at the 34056.510 key level.

 

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