US Wall Street 30 in an Uptrend, Approaches the Next Resistance at 25000

US Wall Street 30 in an Uptrend, Approaches the Next Resistance at 25000

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

US Wall Street 30 (US30USD) Long-term Trends: Bullish
US Wall Street 30 index is making a steady upward move. The price is making a series of higher highs and higher lows. Each higher high or higher low is greater than the previous one. The market is currently in an upward. The current upward move is likely to surpass the previous higher highs of 24801. On the upside, if price breaks the previous higher highs and the resistance line, the uptrend will continue. Conversely, if the upward move faces resistance, the index will resume higher lows.

US30USD – Daily Chart

Daily Chart Indicators Reading:
The SMAs have a bullish crossover as the 21-day SMA crosses over the 50-day SMA indicating an upward move. The price has risen to level 56 of the RSI period 14. The market is in an uptrend zone and it is above the centerline 50.

US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, the index is in an ascending channel. The price is fluctuating upward. Presently, it is trading at level 24434 to break above the previous high of 24918. On the upside, if price breaks above the previous high, the market will rally above level 25000.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is now above 80 % range of the daily stochastic. This indicates that the index has fallen to the overbought region. It also means that sellers may emerge to push prices downward. Alternatively, the overbought region will remain as the market reaches previous highs.

General Outlook for US Wall Street 30 (US30USD)
US30USD index is in the overbought region on the short term trend. On the downside, if sellers emerge, price will resume a downward move. On the other hand, the upward move will continue to retest the resistance at 25000.

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.