US Wall Street 30 Faces Rejection at 25000 Resistance, Sellers Threaten to Short

Estimated Reading Time: 2 minutes

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Azeez Mustapha

Updated: 13 October 2022

Key Resistance Zones: 28500, 29000, 29500
Key Support Zones: 26000, 25500, 25000

US Wall Street 30 (US30USD) Long-term Trends: Sell
US30USD index was earlier trading below the resistance at 24000 since April 7. The bulls broke the resistance on April 27 as price reached level 25000. Buyers were resisted at level 25000 as the market resumed its downward move. The price has broken the 24000 support which was our previous resistance. This indicates that the selling pressure will continue. If the market was holding above 24000, the upward move should have resumed. The downward move may reach a low of level 23000.

Daily Chart Indicators Reading:
The price has fallen to level 51 of the Relative Strength Index period 14. The market is in an uptrend zone and it is above the center-line 50. The moving averages are sloping downward indicating a downtrend.

US Wall Street 30 (US30USD) Medium-term Trend: Sell
On the 4-hour chart, the index is in an ascending channel. In the channel, the price is making a series of higher highs and higher lows. Presently, the market is falling after being resisted at level 25000 . The index has fallen below the SMAs which indicates a downward move.

4-hour Chart Indicators Reading
US30USD is now below 20 % range of the daily stochastic. This indicates that the index has fallen to the oversold region. Perhaps, sooner or later, buyers are likely to emerge at the oversold region to push prices upward. Presently, the SMAs are sloping upward.

General Outlook for US Wall Street 30 (US30USD)
US30USD index is still falling but has reached the oversold region. Probably, the emergence of buyers is imminent. It is unclear the extent of the downward move. A downward move to the low of 23000 is expected.

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