USTEC is currently around 23,392.92, showing a bearish rejection after failing to hold above the 23,838.08 resistance zone. The recent daily candles formed strong bearish bodies, signaling selling pressure returning to the market. Despite the longer-term bullish bias, price is now testing key support levels near 23,308.94. Sentiment is shifting to cautious as buyers struggle to defend higher ground.
Candlestick action reveals a sharp reversal after a steady climb earlier this month. The index dropped back toward the support zone marked by the 23,308.94 level, while closing below the short-term moving averages, signaling potential weakness. The presence of long bearish candles suggests strong institutional selling interest around resistance.
The Ichimoku Cloud remains bullish overall, with price still trading above the Kumo, but the short-term retracement is testing the conversion (Tenkan) and baseline (Kijun) support levels. Meanwhile, the Stochastic Oscillator has crossed downward from the overbought zone, confirming bearish momentum. The MACD histogram is still above zero but showing signs of declining momentum, suggesting a possible short-term correction phase.
Momentum is currently bearish in the short term as sellers push the price lower. If the support at 23,308.94 fails to hold, a deeper pullback toward the 22,800.00–22,600.00 zone is likely. On the other hand, a successful defense of this support may allow buyers to regroup and attempt another push toward 23,838.08.
Market Observation & Strategy Advice:
1. Current position: Around 23,392.92 – testing support at 23,308.94 after rejection at resistance.
2. Resistance: 23,838.08 – major resistance with repeated rejections.
3. Support: 23,308.94 – critical demand zone; breakdown could open path to 22,800.00.
4. Indicators: Stochastic Oscillator (5,3,3) turning down from overbought, signaling bearish momentum. MACD (12,26,9) is still positive, but momentum weakening, showing divergence risk.
5. Trading Strategy Suggestions:
- Trend-following on Entry: Short entries favored on breakdown below 23,308.94 with confirmation. Take-Profit: First target 22,800.00, extended target 22,600.00.
- Alternative Play: Buy near 23,308.94 support if bullish reversal signals appear, targeting 23,838.08.
- Risk Management: For shorts, stop-loss above 23,515.00; for longs, stop-loss below 23,200.00.
Market Performance:
Index Last Price % Change
S&P 500 6,411.36 −0.59%
Dow Jones 44,922.27 +0.02%
Today’s Key Economic Calendar:
JP: Balance of Trade
UK: Inflation Rate YoY
Risk Disclaimer This report is for informational purposes only and does not constitute financial advice. Investments involve risks, and past performance does not guarantee future results. Consult your financial advisor for personalized investment strategies.
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