USA 30 index recovery meets resistance

Source: Dukascopy Bank SA


The USA top 30 stock index shortly pierced the lower trend line of the large scale 2022 channel down pattern, on May 19. However, the event was followed by a broad stock market recovery. Most recently, at the start of June, the recovery of the index encountered resistance in the 50-day simple moving average near 33,250.00.

If the 50-day simple moving average pushes the index down, the price is set to look for support in the 2021 February high and March low levels at 32,100.00. Further below, note the lower trend line of the channel down pattern and the support zone at 29,667.00/30,550.50.

However, a move above the 50-day SMA could encounter resistance in the 33,500.00 mark, before the resistance zone at 34,000.00 is reached. Higher above, the 200-day simple moving average might act as resistance near the mid-December low level at 34,700.00.
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Thu, 02 Jun 2022 14:17:37 GMT

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A May low level zone at 11,508.00/11,700.00 provided enough support for the US Tech stocks to start a recovery. By the start of June, the index had reached the zone, which captured the February, March and April low levels. The zone appeared to have acted as resistance. If the index resumes its decline, the US tech stocks are highly likely set

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