Market Analysis – April 24
The US30 market concluded April with a notable occurrence of the double-top bearish reversal chart pattern. Concurrently, the Stochastic indicator signaled shorts as it reached an overbought condition.
Additionally, the crossover of the Simple Moving Average (Periods 9 and 21) above the daily candles substantiated the anticipation of a price downturn. This anticipation was validated as the price plummeted to 37238.0, aligning with multiple indicators.
US30 Key Levels
Demand Levels: 37238.0, 35976.0, 33850.0
Supply Levels: 39986.0, 40000.0, 50000.0
Long-Term Trend for US30: Bullish
Following this descent, the price tested a robust bullish order block established in January, situated at 38238.0. Correspondingly, the Stochastic indicator shifted into the oversold region in tandem with the decline in the US30 price.
Presently, a notable resurgence in bullish momentum is observed from the aforementioned bullish order block. Furthermore, the Stochastic indicator has retreated from oversold conditions, indicating a prospective rise in price. Additionally, the appearance of three white soldiers on the daily chart further underscores the vigor of this bullish ascent.
Short-Term Trend for US30: Bullish
Analysis of the four-hour chart reveals a conspicuous shift in market structure towards a bullish trajectory. The parallel channel leading to the bullish order block has been rendered invalid, signaling a bullish momentum.
The anticipation of a bullish swing towards 39986 is bolstered by the support of Moving Averages on the four-hour chart, garnering attention from the best forex signals providers.
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