US30 Consolidation downtrend may continueUS30 is trading within a well-defined ascending channel, clearly showing a strong bullish trend Price action has respected both the upper resistance line and lower support line of the channel, confirming healthy trend structure with higher highs and higher lows.
Currently, price is trading near the upper half of the channel, around the 48,600–48,800 zone, which is acting as a short-term resistance area. This region has previously triggered selling pressure, making it a key decision point for the market.
Technically Price may face rejection near the upper channel resistance and move lower for a healthy correction toward the mid-channel area near 48,200, and potentially the lower channel support around 47,500 if selling pressure increases and the lower channel support breaks, price could accelerate toward 47,500 or below, signalling a temporary weakness before the trend resumes or consolidates.
the trend remains bullish, but the market looks overextended in the short term. A pullback or consolidation is expected before any further upside continuation. Traders should watch 48,800 as resistance and 47,500 as major support for the next directional move.
You may find more details in the chart,
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