US Wall Street 30 Makes a Lower High, Faces Rejection at Level 32150

Updated:

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

US Wall Street 30 (US30USD) Long-term Trends: Bearish
US30USD has been in a downward move as it faces rejection at level 32150. The index price has been making a series of lower highs and lower lows. US30USD is rising to the upside. The index will resume an uptrend if price breaks above the moving averages. The selling pressure will resume if it faces rejection at the 21-day line moving average. Meanwhile, on May 2 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the index will fall to level 2.0 Fibonacci extension or level 29562.60.

US Wall Street 30 Makes a Lower High, Faces Rejection at Level 32150
US30USD – Daily Chart

US Wall Street 30 Daily Chart Indicators Reading:
The index has fallen to level 42 of the Relative Strength Index for period 14. It indicates that the market is in the downtrend zone and capable of falling to the downside. The 21-day SMA and the 50-day SMA are sloping downward indicating a downtrend.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, US30USD is in a downward move. The index’s price is making a series of lower highs and lower lows. The price is now making a lower high, retesting the resistance level. Rejection will cause the index to fall to a lower low US30USD is now between the moving averages.

US Wall Street 30 Makes a Lower High, Faces Rejection at Level 32150
US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is above the 80% range of the daily stochastic. The market is in a bearish momentum. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.


General Outlook for US Wall Street 30 (US30USD)
US Wall Street 30 has been in a downward correction as it faces rejection at level 32150. Presently, the index price is retesting the 21-day line moving average. Rejection will cause US30USD to fall.

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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.