1-hr US 30: Buyers Are in Control
The US30 index is currently displaying significant bullish momentum, highlighted by the formation of a Golden Cross, where the 20-day moving average (MA) has crossed above the 60-day MA. This technical pattern is widely regarded as a strong upward signal, often indicating the potential for continued price gains. However, after reaching new highs earlier this week, the index is now experiencing a correction phase, with the price pulling back to test the immediate support level at the 23% Fibonacci retracement. This zone may serve as a key short-term support, yet profit-taking by traders could exert additional selling pressure, potentially driving the index further down. A deeper correction might see prices testing the 38% Fibonacci retracement at 43,430 or even extending to the 50% retracement level near 43,100. From a risk management standpoint, these lower levels offer more attractive and safer entry points for long positions, as they align with stronger technical support and provide a better risk-reward profile for traders looking to capitalize on the broader bullish trend.
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