Technical Analysis – US 30 index loses steam near July’s barrier
US 30 recoups losses but cannot resume uptrend
Short-term bias is positive; confirmation awaited above 40,900
FOMC meeting minutes due at 18:00 GMT
Following a downturn at the beginning of the month, the US 30 index (cash) has made a strong comeback, although it encountered obstacles in surpassing the 40,900 threshold on Tuesday.
The short-term resistance trendline that connects July’s highs is adding extra credence to the 40,900 region, while the stochastic oscillator seems to be shifting downwards. Nevertheless, the RSI remains elevated within the bullish area above 50 and the MACD continues to strengthen above its red signal and zero lines, keeping the bias on the positive side, especially as long as the 40,800 floor holds.
If the price slips beneath 40,800, it could seek shelter near the 20-day exponential moving average (EMA) at 40,148. The 50- day EMA could also protect the market near 39,820 ahead of the support trendline at 39,550. Should the bears breach the 100-day EMA at 39,342 too, the index could experience a rapid downfall towards the August floor of 38,565.
In the bullish scenario the price crawls above the tough resistance of 40,900, the bulls might initially fight the 41,290 bar and then try to reach a new milestone near 41,870 or higher at 42,125. Beyond the latter, the uptrend could stretch towards the tentative resistance trendline from July 2023 at 42,600.
Summing up, the US 30 index is within a tight neutral zone, waiting for a close above 40,900 or below 40,800 to get fresh direction.免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
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