US30 /Critical Levels & Volume Signal Potential Bullish Breakout
Updated
Technical Weekly Analysis: US30 (Dow Jones Industrial Average)
A Short Outlook on the Previous Movement:
The US30 has experienced a strong bullish trend, characterized by an ascending trend line that began around early 2023. The price saw significant gains until it reached a resistance level near 40,970.0, where it faced some consolidation and pullbacks. Recently, the price has been trading within a defined range, testing both support and resistance zones.
Current Outlook:
The current price of US30 is around 39,218.5, positioned near a critical pivot zone. The market is showing mixed signals, with potential for both bullish and bearish movements depending on the price action around key levels.
Bullish Scenario:
A Short Outlook on the Previous Movement:
The US30 has experienced a strong bullish trend, characterized by an ascending trend line that began around early 2023. The price saw significant gains until it reached a resistance level near 40,970.0, where it faced some consolidation and pullbacks. Recently, the price has been trading within a defined range, testing both support and resistance zones.
Current Outlook:
The current price of US30 is around 39,218.5, positioned near a critical pivot zone. The market is showing mixed signals, with potential for both bullish and bearish movements depending on the price action around key levels.
Bullish Scenario:
- Key Trigger: A break and sustained move above 40,005.0.
- Targets: The immediate target would be the yearly resistance zone at 43,040.0.
- Confirmation: The breakout above 39,575, along with strong buying volume, would confirm the bullish continuation towards 40,005 and potentially higher.
Bearish Scenario: - Key Trigger: A failure to break above the pivot zone and a decline below the demand zone at 38,700.0.
- Targets: The price could drop towards the strong support zone at 36,460.0, and further down to 34,430.0 if bearish momentum continues.
- Confirmation: Sustained selling pressure and a close below 38,700 would confirm the bearish outlook.
Key Levels: - Pivot Line: 39,218.5
- Resistance Levels: 40,005.0, 40,970.0, 43,040.0 (Yearly Resistance Zone)
- Support Levels: 38,700.0 (Demand Zone), 36,460.0 (Strong Support Zone & Breakout), 34,430.0
Expecting Weekly Range Movement:
- The anticipated weekly range is between the support at 38,700.0 and the resistance at 40,970.0. A breakout in either direction would define the next significant move.
Preferred Direction:
- Given the strong historical bullish trend and the proximity to the pivot zone, the preferred direction leans towards bullish if the price can break and sustain above 40,005.0. However, caution is advised as the market could still face significant resistance.
Summary:
The US30 is currently at a critical juncture. A breakout above 40,005.0 would confirm a bullish continuation towards the yearly resistance zone at 43,040.0, while a failure to break this level and a decline below 38,700.0 would signal a bearish move towards 36,460.0 and potentially 34,430.0. Traders should closely monitor the price action around these key levels to determine the next major trend.
Trade closed: target reached
The price reached our target perfectly about 2200 points pushed up and still running to get 43000 because already stabilized above 40000
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