US Wall Street 30 Continues Downtrend as It Faces Resistance at Level 32216

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Key Resistance Zones: 31500, 32000, 32500
Key Support Zones: 26000, 25500, 25000

US Wall Street 30 (US30USD) Long-term Trends: Bearish
US Wall Street 30 is in a downward correction as it faces resistance at level 32216. The index will rise to level 34000 if price breaks above the moving average lines. On the other hand, if US30USD turns down from the 21-day line SMA, it will resume selling pressure. Firstly, the market will retrace to level 31026 support and later to level 30800 low.

Daily Chart Indicators Reading:
US30USD is at level 48 of the Relative Strength Index for period 14. The index is in the downtrend zone despite an upward correction. The price bars are below the moving average lines which indicates a further downward movement of the index. The 21-day line SMA and the 50-day line SMA are sloping downward indicating the downtrend.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On a Weekly chart, the index is in a downtrend. On May 16 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that US30USD will fall at level 2.0 Fibonacci extension or level 25891.

Weekly Chart Indicators Reading
US30USD is above the 40 % range of the daily stochastic. It implies that the index is in a bullish momentum. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend.

General Outlook for US Wall Street 30 (US30USD)
US30USD is in a downtrend as it faces resistance at level 32216. The downtrend will resume if it turns down from the moving average lines.

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