US Wall Street 30 Is in a Downtrend as It Revisits Level 28728.20

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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 resumed a fresh decline as it revisits level 28728.20. The index has declined and broken the previous low of level 29650. The current decline is approaching the oversold region of the market. Meanwhile on September 5 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that US30USD will fall to level 2.0 Fibonacci extension or level 28728.20.


Daily Chart Indicators Reading:
US30USD is at level 26 of the Relative Strength Index for period 14. The index has reached the oversold region of the market. The selling pressure has reached bearish exhaustion. Buyers are likely to be attracted to the oversold region of the market. The moving average lines are sloping downward indicating the downtrend. The price bars are below the moving average lines which indicate a further decline.

US Wall Street 30 Is in a Downtrend as It Revisits Level 28728.20
US30USD – Daily Chart

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On a 4-hour chart, the index is in a downtrend. The price action is characterized by small body indecisive candlesticks called Doji. The index has been trading marginally as it reaches the oversold region. Today, there is a bullish candlestick in the oversold region.

US Wall Street 30 Is in a Downtrend as It Revisits Level 28728.20
US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
The index is below the 20 % range of the daily stochastic. It implies that the index has reached the oversold region of the market. 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 in a downtrend as it revisits level 28728.20. Buyers are expected to emerge in the oversold region. According to the price indicator, the index will reach the low of level 28728.20.


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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.