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 downtrend as it may reach level 33951. The index faced rejection at level 36700. Buyers could not sustain the bullish momentum above the recent high. Sellers have broken below the moving averages indicating further downsides. Meanwhile, on January 10 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates the index will fall to level 1.618 Fibonacci extension or level 34759.80.
US Wall Street 30 Daily Chart Indicators Reading:
US30USD has fallen to level 38 of the Relative Strength Index for period 14. The index is in a downtrend zone and capable of a further downward move. The index price bars are below the moving averages which indicate further downward movement of the index. The 21-day and 50 –day SMAs are sloping horizontally indicating the previous trend.
US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, US30USD is in a downtrend. After the formation of the bearish double top, the selling pressure resumes. The index has reached the low of level 35357.0. Meanwhile, on January 14 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates the index will fall to level 1.618 Fibonacci extension or level 35134.0.
4-hour Chart Indicators Reading
US30USD is below the 20% range of the daily stochastic. The index is trading in the oversold region of the market. The selling pressure may be reaching bearish exhaustion. Buyers will emerge in the oversold region. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.
General Outlook for US Wall Street 30 (US30USD)
US Wall Street 30 has been in a downtrend as it may reach level 33951. The price indicators have shown signs of a further downward move. At other times, the indicators are showing that the market is approaching the oversold region.
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