$US30 holding up, but for how long?

Question

Watching $US30 today, it's holding remarkably well above that 52750 support area despite some of the macro jitters. The intra-day high at 53230 is interesting; a solid close above that could indicate further upward momentum, perhaps testing 53500.

My concern is if we see a break back below 52700. That would invalidate the current upward push and suggest we could be looking at a retest of the lower 52000s. Just my two cents, always room for error.

teerapat_t · Accepted Answer

เห็นด้วยครับ 52750 เป็นแนวรับสำคัญจริงๆ ถ้าหลุดตรงนี้อาจจะเหนื่อย แต่มองว่าถ้าตลาดภาพรวมยังดูดีอยู่ ก็มีโอกาสไป 53500 ได้

mller_sara · Answer

I'm not convinced it's holding up as well as you think. The volume doesn't really support a strong conviction move here, and those macro jitters are still very much in play.

jpetrovic · Answer

I'm with you on the 52700 level being key. A solid close above 53230 would definitely be encouraging, but the volume on this push feels a bit light to sustain a major breakout without some stronger catalysts. Are you seeing similar volume patterns?

jung_aoi · Answer

That's a good point about the 52700 level. What indicators or chart patterns would you be looking for specifically if it did break below that to confirm a downward move?

anna.rossi · Answer

The macro picture suggests any rally will be short-lived. A bounce today doesn't change the underlying fundamentals, especially with the Fed's stance.

$US30 holding up, but for how long?

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