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 has been in a downtrend as it reaches level 28701. The index has fallen and broken its targeted price level of 28983.60. The current decline has also pushed the US Wall Street to the oversold region. However, the index has tested the Fibonacci tool at level 1.618 Fibonacci extension or level 28983.40. From the price action, US30USD has declined below the targeted price level.
Daily Chart Indicators Reading:
US30USD is at level 29 of the Relative Strength Index for period 14. The market has reached the oversold region as buyers are expected to take control of prices. The moving average lines are pointing southward indicating the downtrend.
US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, the US30USD is in a downtrend. On September 13, the index price corrected upward as it reached the high of level 32519. US Wall Street encountered a stiff rejection as the index continued its downward move. The index has declined below the moving average lines and resumed selling pressure. The selling pressure is likely to subside as the market reaches the oversold region of the market.
4-hour Chart Indicators Reading
The market has reached oversold region as it fell below the 20% range of the daily stochastic. The current decline is likely to subside. 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 trading in the oversold region of the market as it reaches level 28701 . We expect the emergence of buyers in the oversold region to push the prices upward.
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