US Wall Street 30 Is in a Fresh Decline as It Faces Rejection at Level 30300

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 selling pressure as it faces rejection at level 30300. On October 4, the index rallied to the upsides but was resisted at the 21-day line SMA. US30USD will resume a downtrend if the bears break the current support at $28796. On September 28 downtrend, the index corrected upward and a candle body tested the 61.8% Fibonacci retracement level. The corrections suggest that the index will fall to level 1.618 Fibonacci extension or level 26463.10.

Daily Chart Indicators Reading:
US30USD is still trading in the oversold region at level 38 of the Relative Strength Index for period 14. The index is capable of further decline as price bars are below the moving average lines. The moving average lines have a bearish crossover.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, the US30USD is in a downward move as it reaches the oversold region of the market. On October 4, the index declined to the low of level 28574 and rebounded. The upward correction was terminated at the high of level 30300. Buyers could not sustain the bullish momentum hence the decline.

4-hour Chart Indicators Reading
US30USD selling pressure has reached bearish exhaustion as it is below the 20% range of the daily stochastic. The moving average is sloping downward indicating the downtrend

General Outlook for US Wall Street 30 (US30USD)
The index is likely to further decline as it faces rejection at level 30300 According to the Fibonacci tool, the index will fall to level 1.618 Fibonacci extension or level 26463.10.


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