US30 Maintains a Bullish Streak

Market Analysis – November 16

US30 maintains a bullish streak. The US30 has been showing a strong bullish trend this week, meaning that prices are going up.

The buyers have been able to push the prices higher after testing the support level of 32347.320. This level is the lowest point that the prices reached last week. The support level acts as a floor that prevents the prices from falling further. The buyers are now aiming to reach the resistance level of 35047.110, which is the highest point that the prices reached in August.

US30 Market Zones

Resistance Zones: 35641.340, 35047.110
Support Zones: 32850.040, 31413.200

US30 Long-Term Trend: Bullish

However, the bullish trend may not last long, as the sellers are waiting for an opportunity to take over. The sellers have been dominating the market since August. This implies that the prices were going down and the sellers were in control. The sellers were able to bring the prices down to the support level of 32347.320 but couldn’t break it. For now, buyers have stepped in and reversed the trend. The sellers are now looking for a chance to resume their downward movement and break the support level.
 
The momentum indicator is still showing a positive value, meaning that the prices are moving up at a high speed. However, the value is close to its maximum. This means that prices may soon reach their peak and start to slow down or reverse.

US30 Short-Term Trend: Bullish

Therefore, the technical analysis tools suggest that the buyers are losing their momentum. The sell traders, on the other hand, are getting ready to take over. The buyers may face strong resistance at the 35047.110 level, which could trigger a reversal or a correction. The sellers may then try to break the 33892.000 level. This was the previous resistance level that the buyers broke through last month.

 

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