US Wall Street 30 Is in a Downtrend as It Approaches Level 29650.0

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 fallen below the moving average lines as it approaches level 29650.0. The index fell to the low of level 31341 and it is approaching the oversold region of the market. The selling pressure will be accelerated as price breaks below the moving average lines. The current downtrend will revisit the previous low of 30139. On the upside, the uptrend will resume if price retraces and holds above level 30139.

Daily Chart Indicators Reading:
US30USD is at level 33 of the Relative Strength Index for period 14. The index has fallen to the downtrend zone and it is approaching the oversold region of the market. The index price bars are below the moving average lines which indicates a further downward movement of the index. The 21-day line SMA and the 50-day line SMA are sloping downward indicating the downtrend.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, the index is in a downward correction as price breaks below the moving average lines. On August 28 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that US30USD will fall at level 1.272 Fibonacci extension or level 31480.91.

4-hour Chart Indicators Reading
US30USD is below the 20 % range of the daily stochastic. It implies that the market has reached the oversold region. Selling pressure will 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 has reached bearish exhaustion as it approaches level 29650.0. Buyers will be attracted to the lower levels of prices. The index is consolidating above level 31000.

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