The US100 index on the 1-hour chart has recently staged a strong recovery after its previous declines and is now testing a key resistance area. Let’s break down the technical picture:
Overall Trend
As shown on the chart, the market bounced back strongly from the green support zone (23,000 – 23,100).
This bullish rally has pushed the price up to 23,730, with almost no major pullbacks, bringing it directly into the pink resistance zone.
Key Levels
Major Support:
The 23,000 – 23,100 zone, which has acted as strong support multiple times in the past.
A breakdown below this level could trigger a deeper move toward 22,900.
Short-Term Resistance:
The 23,720 – 23,760 zone, currently being tested by price.
Failure to break this area may lead to a corrective pullback.
Main Resistance Above:
The 23,850 – 23,950 zone, a key barrier for bulls.
A breakout here could open the way for a stronger bullish trend.
Possible Scenarios
Bullish Case: If price holds above 23,760, the next upside target could be 23,900 – 24,000.
Bearish Case: If price faces rejection from current levels, a pullback toward 23,500 or even a retest of the green support area is likely.
Conclusion
The US100 is currently trading in a critical resistance area. Traders should remain cautious and wait for confirmation of either a breakout or rejection.
A sustained move above 23,760 would signal further upside potential.
A rejection from this zone could trigger a short-term correction back toward lower supports.
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