Hello traders! Are you looking for trading signals? You are in the right place. Today, we come with an analysis of US30. Let’s delve into the analysis without delay.

Today US30 Technical Analysis on 1D chart by Guriforex

Today US30 Technical Analysis on 1D chart by Guriforex for December 18, 2024:

The Dow Jones Industrial Average (US30) continues to trade within a well-defined ascending channel on the daily chart, showing a strong uptrend that started back in August. After reaching the upper boundary of the channel near 45,000, the index has seen a corrective pullback. However, price has now touched the lower trendline of the channel, which acts as dynamic support, suggesting a potential reversal and continuation of the bullish momentum.

Technical Levels to Watch:

Market Outlook:

1️⃣ Bullish Scenario πŸ“ˆ

The price is showing signs of a bounce from the lower trendline, which could indicate a continuation of the current uptrend. If bulls maintain momentum, the first target (TP1) near 44,278 could be reached quickly. A sustained breakout above TP1 would open the door for the second target (TP2) near 44,969, aligning with the upper boundary of the channel.

2️⃣ Bearish Scenario πŸ“‰

If the price fails to hold the lower channel support near 43,500, we could see further selling pressure. A breakdown below this level would invalidate the bullish outlook, and the index might retrace toward 42,500 or lower, breaking the ascending structure.

Volume and Price Action:

The recent pullback occurred with declining volume, which suggests a temporary correction rather than strong bearish momentum. An increase in volume near the current support zone could confirm buyers stepping back in to push the price higher.

Trading Plan:

πŸ”— Key Takeaway

The Dow Jones remains in an uptrend, respecting the ascending channel. Traders should monitor price action near the lower trendline for potential bullish setups targeting 44,278 and 44,969.

πŸ’¬ Do you think the Dow Jones will bounce back or break down? ❀️ Comment below with your thoughts!

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