US Wall Street 30 Declines but Unable To Sustain Above Level 34600

Key Resistance Zones: 35000, 35500, 36000
Key Support Zones: 27000, 26500, 26000

US Wall Street 30 (US30USD) Long-term Trend: Bearish
US30USD is in a downward move but unable to sustain above level 34600. Initially, the bears broke below the moving averages as bulls bought the dips. Today, buyers are pushing the index upward as price breaks above the 50-day SMA. On the upside, if the current bullish momentum is sustained, US30USD will rise to revisit the previous high. For instance, a break above the 21-day SMA will propel the index to reach the high of level 35400. On the downside, if the bears break below the 50-day SMA, the selling pressure will resume as the market declines to the low of level 33500.

US Wall Street 30 Daily Chart Indicators Reading:
US30USD has fallen to level 48 of the Relative Strength Index for period 14. The index is in the downtrend zone below the centerline 50. The 21-day SMA and the 50-day SMA are sloping upward indicating an uptrend.

US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, US30USD is in a downtrend as price falls and price faces rejection at level 34600. Meanwhile, on April 12 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the index will fall to level 1.618 Fibonacci extension or level 33655.60.

4-hour Chart Indicators Reading
US30USD is above the 40% range of the daily stochastic. The market has reached the oversold region. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for US Wall Street 30 (US30USD)
US Wall Street 30 is in a downtrend but unable to sustain above level 34600. The market is fluctuating below level 34600. US30USD is making an upward correction. The downtrend will resume if it faces rejection at the recent high.

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