Sat, May 08, 2021 @ 22:29 GMT
Home Contributors Technical Analysis US 30 Index Fails To Jump To New Record High

US 30 Index Fails To Jump To New Record High

The US 30 stock index (Cash) rebounded off the 29,642 support level, however, the current market reaction is flat around the record high of 31,718.90. The technical indicators are suggesting contradicting signals. The RSI is moving marginally higher in the positive area, while the stochastic is falling from the overbought zone.

An extension beyond the all-time peak of 31,718.90 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, below the Ichimoku cloud before flirting with the 23.6% Fibonacci retracement level of the up leg from 18,170 to 31,718.90 at 28,500, around the 200-day SMA. Below this level, the 38.2% Fibonacci of 26,525 could come next.

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

 

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