US30 Opts for the Dip

Market Analysis – May 1st

US30 price dipped into the demand level of 37238.0 after reversing with a double top pattern at 39900. A new double to bearish reversal pattern has appeared threatening another price crash.

Market Key Levels

Demand Levels: 39900.0, 39017.0, 38560.0
Supply Levels: 38238.0, 35976.0, 34890.0

US30 Long-Term Trend: Bearish

US30 price slumped just after the RSI (Relative Strength Index) tipped into the oversold region on the daily chart in March. This occurred during the formation of the double-top pattern at the resistance level of 39990.0. Through a parallel channel (clearer on the 4-hour chart), the price crashed into the demand level of 37238.0.

The Smoothed Heikin Ashi Candles turned red as the price pierced through the former support level of 38560.0. Currently, the key level of 38560.0 plays a resistance role in the market. The market has failed to rise through the price leading to the formation of another double top pattern.

US30 Short-Term Trend: Bearish

The pullback to 38560 provided a safe entry level for the best forex signals. Three black crows appeared on the 4-hour chart after a retest of the 38400.0 bearish order block. This shows the increased bearish momentum. The price is currently driving towards the demand level of 37238.0.

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