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US30 finding short-term support?

jeffriess
February 21, 2020
by Joseph Jeffriess, Market Analyst

US30 buyers continue to defend from 29,055

Looking at today’s daily US30 chart we can see buyers have returned twice now after sellers moved below 29,055. The newest HL setting in yesterday’s low with a new HL forming in today’s session reconfirming 29,055 as range support. This level also showed support for buyers on the 10t of February.

Overall we still see two uptrends in play one being a well established the 2nd more newly formed medium-term trend. Price also remains in consolidation if the current support holds. The roof resistance is seen at 29,545.

For now, we would like to see support hold to suggest buyers could set up a new move higher, a break below support suggests continued correction with the 1st lower trendline a possible target.

Daily US30

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