US30 Rages Against Selling Influence

Market Analysis – November 2

US30 rages against selling influence. The index is currently showing strong resistance against selling pressure. At the moment, buyers are regaining their strength to counter the bearish sentiment.

The opening of this week’s trading has been favorable for buyers as a pullback trade has been set in motion. During yesterday’s session, buyers successfully pushed the index above the significant level of 32881.450. Furthermore, there’s potential for more buying strength to emerge in the market.

US30 Key Zones

Resistance Zones: 35641.340, 34135.950
Support Zones: 32881.450,31413.200

US30 Long-Term Trend: Bearish

Throughout the middle of October, bears had been in control. The sell orders have been gaining strength as they pushed the index down from the significant level of 34135.950. Eventually, the bears found support around the 32283.160 significant level.

The Stochastic Oscillator on the daily chart indicates bullish sentiment, suggesting that buyers are currently quite aggressive. This indicates that sellers are not exerting strong downward pressure on the index market at the moment. Following the price rally beyond the 32881.450 significant level, sellers could potentially make a comeback.

US30 Short-Term Trend: Bullish

On the 4-hour chart, buyers are still striving to maintain their position, and consolidation is prevailing. Both buyers and sellers are contending for a breakthrough. Although sellers still seem to have the upper hand in terms of dominance, Traders should closely monitor the price action and key technical indicators to assess market playout.

 

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