US30: Price fails to break high, sellers step inSPREADEX:DJI – Price Rejects Previous High, Possible Pullback Ahead
🕒 Timeframe: 30-Minute Chart
📊 Data Source: Spreadex
💵 Currency: USD
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🧠 Short Summary (SEO Preview)
US30 (Dow Jones) has rejected its previous swing high near 47,100 after a strong bullish recovery. Price action now shows early signs of weakness from the supply zone, suggesting a potential short-term correction before the next directional move.
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📈 Market Overview
After forming a solid base around 46,250 – 46,300, the Wall Street Index (US30) has staged a strong V-shaped recovery.
However, recent candles show that price was rejected at the previous high around 47,100, indicating that buying momentum may be fading as the market hits a strong supply zone.
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🔍 Key Technical Zones
Supply Zone (Resistance):
47,000 – 47,150
This zone aligns with the previous swing high where strong selling pressure emerged.
The rejection from this level signals potential exhaustion of buyers in the short term.
Demand Zone (Support):
46,750 – 46,850
This is a former resistance area turned support. A retest here could trigger a short-term bullish reaction before the market decides its next move.
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🎯 Trading Scenarios
Scenario 1 – Rejection from Supply Zone (Main Bias)
1. Price has tested the 47,000 – 47,150 zone and rejected the previous high.
2. If sellers remain in control, a pullback toward 46,750 – 46,850 is likely.
3. A deeper correction could extend toward 46,600 – 46,650 if momentum builds.
Scenario 2 – Breakout Above Supply Zone
1. A confirmed candle close above 47,150 would invalidate the short-term bearish bias.
2. In that case, 47,150 may flip into support, opening room for 47,300 – 47,400 as the next bullish targets.
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🧭 Technical Outlook
• The rejection of the previous high at 47,100 confirms a key resistance zone.
• Momentum is slowing, suggesting a likely short-term pullback before any new highs.
• Potential strategy: Wait for bearish confirmation (e.g., rejection candle, lower-high formation) around 47,000 – 47,150 before making any decision.
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Disclaimer
This analysis is for educational and technical purposes only — not financial advice.
Always manage risk and follow your own trading plan before taking any trades.
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Harry Andrew @ ZuperView
