Technical Analysis – US 30 index advances after bullish double bottom pattern



The US 30 index (cash) charted a bullish double bottom pattern near July’s base of 33,815 on the four-hour chart, with the price skyrocketing to 34,747 on Thursday following the close above the 33,324 neckline.

Having breached the 50-period simple moving average (SMA) too, the rally could get more legs towards the 100-period SMA at 34,844 as the RSI is still some distance below its 70 overbought level, and the Stochastics have yet to peak above 80. Meanwhile, the MACD managed to step into the positive area, but more progress is required here to confirm a bullish bias.

If the 100-period SMA proves easy to clear, the bulls may sail towards the 35,075 round-level and the 200-period SMA, which acted as a tough resistance early this month. Then, another obstacle could pop up around 35,244 if buying forces persist.

Should the bears resurface, immediate support could emerge somewhere between 34,562 and the 50-period SMA at 34,490. A bounce off the neckline at 33,324 may keep some optimism intact. Otherwise, investors may lose confidence on the bullish double bottom pattern, sending the price towards the 20-period SMA and the 34,056 handle.

All in all, the US 30 stock index is expected to trade bullish in the short-term, with resistance likely coming next around 34,844.  

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