USA30 index reaches new 2022 low level

Source: Dukascopy Bank SA


The August and September high level at 35,500.00 provided enough resistance for a decline to start on April 20. Two days later, the index broke down and passed three previous support and resistance levels, before eventually reaching the June 2021 low level at 33,065.00. By May 10, the index had revealed a narrow channel down pattern and reached the 32,100.00 level, which marks the 2021 February high and March low levels.

If the index continues to decline, the stock might find support in the lower trend line of a channel down pattern, which captures the rate's decline since early November. Below the trend line, the late 2020 high and 2021 low level zone at 29,650.00/30,580.00.

On the other hand, a recovery of the index is expected to encounter resistance in the 33,000.00 and 34,000.00 levels and the 50-day simple moving average. Note that a passing above 33,000.00 would break the channel down pattern.
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