US Wall Street 30 Is Range Bound as Sellers Reintroduce Selling Pressure

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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 falling as sellers reintroduce selling pressure. Since December 19, the index has been confined between the moving average lines. The index lost ground today but found support above the 50-day moving average line. Selling pressure will increase once the 50-day line SMA is crossed. The index underwent an upward correction on December 16, and a candle body tested the 61.8% Fibonacci retracement level. According to the correction, the US30USD will drop to 31126.80, or 1.618 Fibonacci extensions.

US Wall Street 30 Is Range Bound as Sellers Reintroduce Selling Pressure
US30USD – Daily Chart

US Wall Street 30 Daily Chart Indicators Reading:
The US30USD is currently trading at level 48 on the Relative Strength Index for period 14. Based on the placement of the price bars between the moving average lines, the price may move in a range. The moving average lines, which are sloping horizontally, show a sideways trend.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, the US30USD is moving sideways but is in a downtrend. On December 16, the index found support above level 32400. The index tested the current support three times before resuming its upward trend. The barriers at level 33600 prevent progress upward. When these levels are crossed, the index will begin to trend.

US Wall Street 30 Is Range Bound as Sellers Reintroduce Selling Pressure
US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
The daily Stochastic level for the US30USD is above level 80. It demonstrates that the market has entered an overbought zone. Prices will drop as sellers enter the market. The SMAs for the 50-day and 21-day lines are sloping downward.

General Outlook for US Wall Street 30 (US30USD)
The US30USD is likely to fall further, possibly reaching level 31126.80 as sellers reintroduce selling pressure. The Wall Street 30 index is currently moving between the moving average lines. Sellers are attempting to break through the 50-day line SMA to decline.


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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.