US Wall Street 30 Falls From Its Recent High as It Targets the 31087 Low

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

US Wall Street 30 (US30USD) Long-term Trends: Bearish
The US Wall Street 30 index falls below the moving average lines from its recent high as it targets the 31087 low. The index has been trapped between the moving average lines since December 19. The bears began the negative movement on December 28 by breaking below the 50-day line SMA. The index rose after a downward correction on December 20 and a candle body that tested the 61.8% Fibonacci retracement line. The US30USD will fall to 31087.10, or 1.618 Fibonacci extension, following the correction.

US Wall Street 30 Falls From Its Recent High as It Targets the 31087 Low
US30USD – Daily Chart

US Wall Street 30 Daily Chart Indicators Reading:
In terms of the Relative Strength Index for period 14, the US30 USD is now trading at level 48. As the index is in the bearish trend zone, it suggests that it may continue to decrease. The price bars are below the moving average lines, indicating that the price will continue to fall. The upward-sloping moving average lines show the prior trend.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
The US30USD is declining on the 4-hour chart as it encounters resistance at level 33250. US30USD established support above level 32500 on December 20 but has since started to move sideways again. The index has been moving in a range between levels 32500 and 33500 since December 16.

US Wall Street 30 Falls From Its Recent High as It Targets the 31087 Low
US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
Over level 40 of the daily Stochastic, the index is moving in a bullish direction. The 50-day and 21-day lines’ SMAs are sloped downward. As the index starts heading higher again, the price bars are above the moving average lines.

General Outlook for US Wall Street 30 (US30USD)
The US30USD is likely to continue falling from its recent high as it targets the 31087 low. The current movement of the Wall Street 30 index is below the moving average lines. Sellers have broken below the SMAs which indicates downward price movement.

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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.