US Wall Street 30 Overcomes Initial Resistance, Faces Rejection at Level 37000

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

US Wall Street 30 (US30USD) Long-term Trend: Bullish
US Wall Street 30 is in an uptrend but faces rejection at level 37000. The bulls broke the resistance at level 36400, retested it, and resumed the uptrend. The index has reached the high of level 36800 but it is approaching the overbought region of the market. There is a likelihood of further upward movement of the index. Meanwhile, on December 16 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that US30USD will rise to level 2.0 Fibonacci extension or level 38620.40.

US Wall Street 30 Daily Chart Indicators Reading:
US30USD has risen to level 64 of the Relative Strength Index for period 14. The index is in the uptrend zone and capable of a further upward move. It will continue to rise as long as the price bars are above the moving averages. The 21-day and 50 –day SMAs are sloping upward indicating the uptrend.

US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, the index is in an uptrend. it’s price rebounded above level 36380 and breach the resistance at level 36400. The upward move is facing rejection at the level 37000 resistance zone. Meanwhile, on January 4 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests the index will rise to level 1.618 Fibonacci extension or level 37352.90.

4-hour Chart Indicators Reading
The index price is above the 21-day line and 50 –day line SMAs indicating a possible upward movement of price. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for US Wall Street 30 (US30USD)
US Wall Street 30 is in an uptrend but faces rejection at level 37000. The market will continue to rise as the resistance at level 36400 is breached. The index is facing another resistance at level 37000.

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