HomeContributorsTechnical AnalysisUS 30 Index Completes Bullish Run Near Record High

US 30 Index Completes Bullish Run Near Record High

The US 30 index (Cash) rebounded off the 29,642 support level, posting four straight positive days and climbing above the 20- and 40-day simple moving averages (SMAs).

The price is moving towards the record high of 31,284, while the technical indicators are confirming the upside tendency. The RSI is standing in the positive region, while the stochastic is holding in the overbought area, indicating a possible downside retracement.

An extension beyond the all-time peak of 31,284 could take the index in uncharted levels towards the next psychological marks such as 32,000 and 33,000.

However, a sell-off below the short-term SMAs could open the door for the 29,642 barrier, inside the Ichimoku cloud before flirting with the 23.6% Fibonacci retracement level of the up leg from 18,170 to 31,284 at 28,152, overlapping with the lower surface of the cloud. Slightly below this level, the 200-day SMA at 27,866 could come next.

Summarizing, in the short-term the US 30 index is returning to gains, while in the longer timeframe, the price has been strongly bullish since March 23.

XM.com
XM.comhttp://clicks.pipaffiliates.com/c?c=231129&l=en&p=0
XM is a fully regulated next-generation financial services provider of online trading on currency exchange, commodities, equity indices, precious metals and energies, with services to clients from over 196 countries worldwide. Founded in 2009 by market experts with extensive knowledge of the global forex and capital markets and with the aim to ensure fair and reliable trading conditions for every client, XM has reached international recognition by virtue of its unbeatable execution of orders, spreads as low as zero pips on over 50 currency pairs, gold and silver, flexible leverage up to 888:1, and personalized customer engagement to foster clients’ success.

Featured Analysis

Learn Forex Trading