US Wall Street 30 Declines Sharply as It Targets Level 29002.30

Updated:

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 downtrend as it targets level 29002.30. The index has declined to the low of level 30587.70. US30USD has declined and it is retesting the historical price level of July 14. The selling pressure will resume if price breaks below the current support. Meanwhile, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that US30USD will fall to level 1.618 Fibonacci extension or level 29002.30.

US Wall Street 30 Declines Sharply as It Targets Level 29002.30
US30USD – Daily Chart

Daily Chart Indicators Reading:
US30USD is at level 34 of the Relative Strength Index for period 14. The index is in the downtrend zone as it approaches the oversold region at level 30. The market is expected to further decline. The price bars are below the moving average lines which indicate a further downward movement of the index. The moving average lines are sloping downward indicating the downtrend.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On a 4-hour chart, the index is in a downtrend. US30USD made an upward correction which has been interrupted at level 32645 high. The downtrend will resume as price breaks below the moving average lines.

US Wall Street 30 Declines Sharply as It Targets Level 29002.30
US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is below the 20 % range of the daily stochastic. It implies that the index has reached the oversold region of the market. 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 targets level 29002.30. Sellers have continued to retest the current support at level 30522 to break it. The selling pressure will resume if price breaks below the current support.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.