US30 weekly analysis: Inbound to 33,000?
Key levels:
R1 – 34503
R2 – 33829
R3 – 33076
R4 - 32771
S1 – 31514
Analysis:
US30’s S1 level held strongly last week. It retested this level and rose sharply on the news of liquidity injections by a coordinated effort of the Central banks. Last week’s FED rate hike and banking crisis woes aired out by Powell kept the Dow on tenterhooks, failing to break the 32700 level but also holding support above the 31800 level on Friday. Positive developments from FDIC and SVB takeover and likely exhausted selling pressure might allow US30 re-attempt the R4 and make an attempt at a retest of R3 this week. However, Friday’s PCE data will play a large part on the sustained price action for the asset.
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