Key Resistance Zones: 35000, 35500, 36000
Key Support Zones: 27000, 26500, 26000
US Wall Street 30 (US30USD) Long-term Trends: Bullish
The US Wall Street 30 has started to trend upward as it approaches level 34275.00. At the overbought region, the bullish action that is now in motion is being rejected. The index corrected upward during the upswing on November 14 and a retraced candle body tested the 78.6% Fibonacci retracement line. According to the correction, the US30USD will increase to level 1.272 of the Fibonacci extensions, or level 34423.50.
US Wall Street 30 Daily Chart Indicators Reading:
The US30 USD is trading at level 68 on the Relative Strength Index for period 14. The index may rise above its present levels because it is in the uptrend zone. Above level 70, the index will be overbought. The price bars are above the moving average lines indicating an increase in the index.
US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, the US30USD exhibits an increasing trend. The index has reached Level 34031.50. A rejection of the recent high is occurring at level 34000.00. Once this threshold is passed, the upward trend will resume.
4-hour Chart Indicators Reading
The daily stochastic indicator is trading above level 80. An overbought state might not last in a market that is strongly trending. Both the rising 21-day SMA and the 50-day SMA point north, indicating an uptrend.
General Outlook for US Wall Street 30 (US30USD)
As the Relative Strength Index for period 14 is at level 68, the US Wall Street 30 may continue to increase as it approaches level 34275.00. The index is approaching the overhead resistance at level 34275.00.
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