US Wall Street 30 in a Minor Retracement, Targets Level 38200

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

US Wall Street 30 (US30USD) Long-term Trend: Bullish
US30USD is in an uptrend as price bars are above the moving averages which targets level 38200 . For the past week, the index has been retracing after rejection from the high of level 36800. US30USD has resumed a fresh uptrend after rebounding above the 50-day line moving average. Meanwhile, on December 16 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates the index will rise to level 2.0 Fibonacci extension or level 38258.60.

US Wall Street 30 in a Minor Retracement, Targets Level 38200
US30USD – Daily Chart

US Wall Street 30 Daily Chart Indicators Reading:
US30USD is at level 54 of the Relative Strength Index period 14. The index is in an uptrend zone and capable of a further upward move. The index price bars are above the moving averages which indicate further upward movement of the index. The 21-day and 50 –day SMAs are sloping upward indicating the uptrend.

US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, US30USD is in an uptrend as price breaks above the 21-day line moving average. Meanwhile, on January 11 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates the index will rise to level 1.618 Fibonacci extension or level 36571.11.

US Wall Street 30 in a Minor Retracement, Targets Level 38200
US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is above the 80% range of the daily stochastic. US Wall Street 30 has fallen into the overbought region. The uptrend is likely to face resistance at the recent high as price reaches an overbought region. Sellers are likely to emerge in the overbought region. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for US Wall Street 30 (US30USD)
US Wall Street 30 is in an uptrend as it targets level 38200. Buyers are intending to break the overhead resistance at level 36800. The uptrend will resume if the current resistance is breached.

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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.