US30 Price May Be Losing Upside Strength After Punching Through the 23.60 Fibonacci Level

Price action in the US30 market is weakening after it successfully broke through the resistance of $33,902. And, since the previous trading session, the bears have been winning, although with low magnitudes. Let’s look into what may likely happen as trading activities progress.

Major Price Levels:
Top Levels: $34,300, $34,350, $34,400
Floor Levels: $34,255, $34,200, $34,150

 

US30 Price May Retrace the Support $34,100

On the daily chart for the US30, price action appears to be retracing lower price levels. The last two price candles on this chart are all red, revealing the activities of headwinds. The latest price candle, which represents the ongoing trading session, is small but may grow bigger and plunge prices lower as trading continues. The Stochastic RSI curve remains in the overbought zone but looks more like it’s already making its way downwards. Meanwhile, the MACD curves have already risen above the equilibrium level, however, the last histogram bar of this indicator is now pale green. Consequently, this is indicating a reduction in upside momentum. Although things appear to be developing, traders in this market can prepare to see the US30 price fall lower.

 

US30 Price Action Is Trying to Resist Headwinds

On the 4-hour chart, after the price action has crossed below the 9-day Moving Average, it appears the bulls have started mounting resistance. The last price candlestick here is green, which may be hinting that the bulls may not be out after all. However, the RSI curves have fallen so quickly into the oversold region. With careful observation, one may notice that the RSI seems a bit too sensitive. Additionally, the MACD lines are moving slightly downwards after they gave a crossover above the equilibrium level. The US30 price may fall to around $34,180 based on the majority of the signals from the applied trading indicators.

Do you want to take your trading to the next level? Join the best platform for that here.