Key Resistance Zones: 35000, 35500, 36000
Key Support Zones: 27000, 26500, 26000
US Wall Street 30 (US30USD) Long-term Trend: Ranging
US30USD is in a sideways move but may further decline to 33152.20. The index price has broken below the moving averages. Therefore, US30USD is trading in the bearish trend zone. The upward move is facing resistance at level 35000. The index is likely to resume selling pressure. Meanwhile, On February 14, 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 33152.20.
US Wall Street 30 Daily Chart Indicators Reading:
US Wall Street 30 is at level 46 of the Relative Strength Index for period 14. The index is in the downtrend zone and capable of a further downward move. The 21-day and 50 –day SMAs are sloping horizontally indicating the sideways trend. The index price bars are above the moving average indicating a possible upward move.
US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 2-hour chart, US30USD is in a downward move. Meanwhile, on February 11 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 34406. From the price action, the index has reversed at the 1.618 Fibonacci extension. However, the upward correction is facing rejection at level 35000.
2-hour Chart Indicators Reading
The index is below the 20% range of the daily stochastic. The index is trading in the oversold region of the market. The 21-day SMA and the 50-day SMA are sloping southward indicating the downtrend
General Outlook for US Wall Street 30 (US30USD)
US Wall Street 30 is in a downward correction but may further decline to 33152.20. The upward correction is facing resistance at level 35000. The selling pressure may resume as the US30USD is in the downtrend zone.
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