USTEC shows signs of short-term recovery after a recent sharp downtrend, traded around 18766.30, as seen from the strong bounce off the recent lows. The index is now testing a key Fibonacci level amid bearish pressure from the 50-day EMA.
Price action is currently hovering around the 38.2% Fibonacci retracement from the recent decline, acting as a temporary resistance zone. The 50-day EMA remains downward sloping and lies just above the current price, reinforcing selling pressure. Previous support at 18337.96 has turned into a near-term floor, while upside momentum is capped around 19434.72, which aligns with the 50% Fibonacci retracement.
The Stochastic Oscillator (5,3,3) is currently at 73.63, indicating the market is entering overbought territory. This suggests a possible slowing of bullish momentum unless strong volume confirms further upside. Volume has picked up during the recent bounce, but not yet convincingly above the previous averages.
Market Observation & Strategy Advice:
1. Key Resistance Level: 19,434.72 – A close above this level is required to break bearish momentum and validate bullish continuation.
2. Current Position: 18,766.30 – Price is consolidating just above the 38.2% Fibonacci; this could act as a temporary pivot zone.
3. Support Level: 18,337.96 – A decisive break below this support could trigger renewed bearish pressure targeting 17,915.35 (23.6% retracement).
4. Momentum Indicator: Stochastic at 73.62 is approaching overbought, signaling potential exhaustion of bullish attempts.
5. Trading Strategy: Cautious bias; short-term longs may be considered only above 19,434.72 with strong volume. Below 18,766.30, bearish setups remain viable targeting 18,337.96 with tight stops above 19,000.
Market Performance:
Index Last Price % Change
S&P 500 5,405.97 +0.79%
Dow Jones 40,524.79 +0.78%
Today’s Key Economic Calendar:
AU: RBA Meeting Minutes
UK: Unemployment Rate
DE: ZEW Economic Sentiment Index
CA: Inflation Rate YoY
Risk Disclaimer: This report is for informational purposes only and does not constitute financial advice. All investments involve risk and past performance is no guarantee of future results. Please consult your financial advisor for personalized investment advice.
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