Key Resistance Zones: 35000, 35500, 36000
Key Support Zones: 27000, 26500, 26000
US Wall Street 30 (US30USD) Long-term Trend: Bullish
Since March 18, US30USD has been above the moving averages as it targets level 3600. The uptrend has reached the high of level 35363 but faces resistance. The market is retracing after rejection. The index is expected to rise when the resistance is breached. Meanwhile, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the index will rise but reverse at level 1.272 Fibonacci extension or Level 35626.
US Wall Street 30 Daily Chart Indicators Reading:
US Wall Street 30 has risen to level 61 of the Relative Strength Index for period 14. The index is rising as it faces initial resistance at the recent high. US Wall Street will continue to rise as long as the index price bars are above the moving averages.
US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, US30USD is rising as price breaks above the moving averages. The market is currently facing rejection at level 35400. Meanwhile, on March 29 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the index will rise to level 1.618 Fibonacci extension or level 35861. From the price action, the index has resumed its uptrend to retest the resistance at level 35400.
4-hour Chart Indicators Reading
US30USD is above the 80% range of the daily stochastic. The market has reached the overbought region. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.
General Outlook for US Wall Street 30 (US30USD)
US Wall Street 30 is an upward move as it targets level 3600. The current uptrend is stuck below level 35400. The uptrend will resume when the resistance level is breached.
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