Technical Analysis – US 100 eases after reaching almost 2-year high
- US 100 posts a sharp upside rally
- MACD extends its bullish move but RSI ticks down
The latest flat movement in the RSI is discouraging, but the indicator is still in the overbought area. Also, the MACD is stretching its bullish movement above its trigger and zero lines.
In the event the pair re-activates its uptrend above the recent top, the next target would be December’s 2021 high of 16,645 before testing the record peak of 16,777.
On the downside, the 15,630 support level and the 15,340 line may halt downside movements. Hence, a step beneath the 50- and the 100-day simple moving averages (SMAs) at 15,172 and 15,020 respectively, might produce negative volatility. Another defeat there could add more fuel to the bearish wave, bringing the 14,850 barricade immediately under the spotlight.
Overall, the US 100 index is sustaining an upward trend above 15,930 in the daily timeframe. To attract new buyers, the price will need to pierce through the 16,645-16,777 resistance region.Related Assets
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