US Wall Street 30 Is in a Range as It May Revisit Level 31241

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

US Wall Street 30 (US30USD) Long-term Trends: Bearish
The US Wall Street 30 is in a downtrend as it may revisit level 31241. Today, the index fell below the moving average lines but found support above the 50-day moving average line. When the 50-day line SMA is breached, the selling pressure will resume. The index made an upward correction on December 16, and a candle body tested the 61.8% Fibonacci retracement level. The correction forecasts that the US30USD will fall to 1.618 Fibonacci extensions, or 31241.20.

US Wall Street 30 Is in a Range as It May Revisit Level 31241
US30USD – Daily Chart

US Wall Street 30 Daily Chart Indicators Reading:
On the Relative Strength Index for period 14, the US30USD is trading at level 47. The price bars are positioned between the moving average lines, indicating a potential range bound move. A downtrend is indicated by the northward slant of moving average lines.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
The US30USD is in a downtrend on the 4-hour chart, but it is correcting upward. The 50-day line SMA is repelling the upward correction. Buyers are also defending the current resistance level above 32400. The index made an upward correction on December 16, and a candle body tested the 61.8% Fibonacci retracement level. The correction forecasts that the US30USD will fall to 1.618 Fibonacci extensions, or level 31555.10.

US Wall Street 30 Is in a Range as It May Revisit Level 31241
US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
The US30USD is rising above the daily stochastic’s level 40. As long as the price is between the moving average lines, the market may resume its range bound movement. The 21-day and 50-day simple moving averages are falling, indicating a decline.

General Outlook for US Wall Street 30 (US30USD)
The US30USD is likely to fall further as it may revisit level 31241. On the 4-hour chart, the index has broken through the current support three times. The US Wall Street 30 is currently moving in a range between the moving average lines.

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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.