US Wall Street 30 Breaches More Resistance, Faces Rejection at Level 26000

Estimated Reading Time: 2 minutes

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Azeez Mustapha

Updated: 13 October 2022

Key Resistance Zones: 28500, 29000, 29500
Key Support Zones: 26000, 25500, 25000

US Wall Street 30 (US30USD) Long-term Trends: Bullish
US Wall Street 30 index is in an ascending channel. The index is in an uptrend as it reaches the high of 25632. The market fell after a minor resistance. US Wall Street 30 will rally above level 26000 if the initial resistance is broken.

Daily Chart Indicators Reading:
The SMAs have a bullish crossover as the 21-day SMA crosses over the 50-day SMA indicating an upward move. The price has risen to level 63 of the RSI period 14. The market is in an uptrend zone and it is above the centerline 50.

US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, the index is in an ascending channel. A correction candle body tested the 0.786 retracement level. This indicates that the index will rise and reach a level 1.272 extension level. This shows that the market is likely to reverse at that level.

4-hour Chart Indicators Reading
US30USD is now above 25 % range of the daily stochastic. This indicates that the market is in bullish momentum. The SMAs are sloping upward indicating the uptrend.

General Outlook for US Wall Street 30 (US30USD)
US30USD index reaches level 25600 and reverses. The index will resume its uptrend if the minor resistance is breached. The index will rally above level 26000.

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