US30 Consolidation bearish range shift to support side

US30 Consolidation bearish range action within a clearly defined ascending channel. The price has recently approached the upper boundary of this channel, where it appears to be facing resistance.

A projected path is drawn suggesting a potential short-term rejection from the upper channel line, with price possibly pulling back toward support zones the trendline reinforcing the resistance zone near 48,000–48,250, where buyers may be weakening. If a rejection occurs at this level, the drawn arrows indicate a potential multi-step decline toward the identified support areas.

Overall, the chart suggests the index is in a broader uptrend, but currently positioned at a high-risk resistance zone where a corrective move downward is possible if the price reacts then we could see support side target will be 47,200 / 46512,

You may find more details in the chart.
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