US30 Finds Support on the Bearish Trendline

Market Analysis- February 7

US30 is set for a breakout on the daily timeframe. Lower highs and higher lows are closing in to prompt a breakout of the symmetrical triangle.

US30 Key Levels

Demand Levels: 32751.0, 31718.0, 30171.0, 28675.0
Supply Levels: 34209.0, 35551.0, 37007.0, 38000.0

US30 Long-term trend: Ranging

US30 price declined last year. The market price dived from the overbought region of 37007.0 in January to 28675.0 in October. Before the arrival at the final demand level in October, the market had multiple pullbacks into overbought regions. The market retraced back to 35551.0 in February and April before the Parabolic SAR (Stop and Reverse) led the market to 30171.0. A weak high was formed in June, which was swept away by the retracement to the bearish trendline in August.

The bulls have emerged from the support zone at 28675.0 in the oversold region. The daily candles took off to the moon after the double bottom chart pattern formed in October. The bearish trendline has broken, and a retest has pushed the market to 34209.0.

US 30 Short-term Trend: Bullish

The market is currently bouncing between supply levels of 34209.0 and demand levels of 32752.0. The uptrend has reached the bearish resistance line on the 4-hour chart. The price is expected to decline to the lower boundary of the range at 32751.

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