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USTEC remains in a ranging phase between the 100.0 Fibonacci level and 61.8 Fibonacci level, with the price currently around 21471.16. The pair continues its bullish trend after a prior trend reversal, testing key resistance levels.
The support level is slightly above 61.8 Fibonacci at 20792.37, while the resistance aligns with the 100.0 Fibonacci level at 21759.22. The Bears Power indicator shows a value of -341, indicating weak bearish pressure. Meanwhile, the Stochastic Oscillator is rising toward the 80 level, signaling ongoing bullish momentum. If USTEC breaks 21759.22, it could confirm an extended bullish trend. However, failure to break above this resistance may lead to a bearish reversal due to potential overbought conditions.
Market Observation & Strategy Advice:
1. Key resistance: 21759.22 – A breakout could confirm a long-term bullish trend.
2. Key support: 20792.37 – A drop below this level may indicate a potential bearish reversal.
3. Bears Power: Negative values suggest weak bearish strength, supporting bullish continuation.
4. Stochastic: Approaching 80, indicating possible overbought conditions and trend exhaustion.
5. Trading strategy: Look for bullish confirmation above 21759.22 for long positions. If resistance holds, consider short positions targeting 61.8 Fibonacci at 20792.37.
Market Performance:
Index Last Price % Change
S&P 500 6,037.88 +0.72%
Dow Jones 44,556.04 +0.30%
Today’s Key Economic Calendar:
CN: Caixin Services PMI
EU: HCOB Composite & Services PMI Final
US: MBA 30-Year Mortgage Rate
CA: Balance of Trade
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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