USA30 Index breaks large pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The USA30 stock index has broken the channel down pattern, which guided the stocks down since the start of 2020. The breaking of the pattern occurred on March 19, as the pair reached above the mid-December low level and the upper trend line of the pattern near 34,700.00.

By April 1st, the index had reached the 35,350.00 level, before retracing back down and confirming the 34,700.00 level as support. In the meantime, it was spotted that throughout March the stocks surged in a channel up pattern. Recently, the rate has been testing the upper trend line of the channel.

If the stocks decline below the 34,700.00 mark, the index could look for support in the 50-day simple moving average near 34,200.00. Further below, note the 34,000.00 level, which has acted as both support and resistance, and the lower trend line of the March channel up pattern.

On the other hand, a continuation of the surge of the stocks might encounter resistance at the August and September high level at 35,500.00, prior to approaching the 36,000.00 and 36,500.00 levels.
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