Technical Analysis – US 30 index maintains relentless ascent and breaches 34,000 hurdle
April 16, 2021 1:28 pm
The US 30 stock index (Cash) seems to guarantee that the stable hike, which has overstepped the 34,000 mark, is here to stay. The unwavering simple moving averages (SMAs) are firmly defending the positive structure, while the rising Ichimoku lines and the short-term oscillators are echoing an absence of gravity in the current picture.
The MACD, in the bullish region, is persisting above the fairly stabilised red trigger line, while the RSI is improving in overbought territory. Furthermore, the stochastic oscillator has managed to remain above the 80 level, and the %K line is promoting growing positive momentum.
If the index manages to preserve upside momentum and logs additional gains, the price may then encounter initial resistance at the 34,500 barrier. Sustaining the course, the index may then pilot for the 35,000 mark.
In the event the index retreats below the 34,000 border, early downside limitations could arise from the red Tenkan-sen line at 33,750 and the blue Kijun-sen line at 33,135. A deeper retracement may then initially challenge the 50-day SMA at 32,450 ahead of the 31,669-32,149 support section, an area which overlaps with the Ichimoku cloud.
Concluding, the index retains a bullish bias. Its commanding positive tone could be undermined if the index retracts below the Ichimoku cloud.
The US 30 stock index (Cash) seems to guarantee that the stable hike, which has overstepped the 34,000 mark, is here to stay. The unwavering simple moving averages (SMAs) are firmly defending the positive structure, while the rising Ichimoku lines and the short-term oscillators are echoing an absence of gravity in the current picture.
The MACD, in the bullish region, is persisting above the fairly stabilised red trigger line, while the RSI is improving in overbought territory. Furthermore, the stochastic oscillator has managed to remain above the 80 level, and the %K line is promoting growing positive momentum.
If the index manages to preserve upside momentum and logs additional gains, the price may then encounter initial resistance at the 34,500 barrier. Sustaining the course, the index may then pilot for the 35,000 mark.
In the event the index retreats below the 34,000 border, early downside limitations could arise from the red Tenkan-sen line at 33,750 and the blue Kijun-sen line at 33,135. A deeper retracement may then initially challenge the 50-day SMA at 32,450 ahead of the 31,669-32,149 support section, an area which overlaps with the Ichimoku cloud.
Concluding, the index retains a bullish bias. Its commanding positive tone could be undermined if the index retracts below the Ichimoku cloud.
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