US30 Analysis – March 20
The US30 market is being repelled at the 32830.0 significant level. The bullishness in the market from late last year was finally curtailed by strong key levels. The resistance was played by the 34430.0 key level, while the market relied on the impermeability of the 32830.0 key level for support. The market then ranged, although not to the end of March, between these key levels
US 30 Significant Levels:
Resistance Levels – 33301.0, 34430.0, 36850.0
Support Levels – 32830.0, 32433.0, 31716.0
US 30 Long-Term Trend: Bearish
After these weeks of consolidation, the buyers couldn’t take the initiative, leaving the sellers to move the price in a downward direction. The demand zone was breached, thus plummeting the price and bringing an end to the three months of a price increase during which the market rose more than 20%.
However, the market didn’t fall too deeply as it got anchored at the 31716.0 significant level. The buyers now have a chance to restore the price above the 32830.0 significant level, which has now turned resistance. The market will also have to push against the MA period 20 (Moving Average) currently aligned above the daily candles.
US 30 Short-Term Trend: Bearish
Since the last test of the 32830.0 level in consolidation just before the price drop, the RSI (Relative Strength Index) line has dropped below the 50 mark and has not been able to rise above that mark. There is however more progressive movement on the 4-hour chart; the RSI line has progressively risen above the middle line, and the MA period 20 has swerved more to the middle of the candlesticks. Buyers will fancy their chances to push the market back above the 32830.0 level.
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