US Wall Street 30 Pushes to the Bullish Trend Zone, Targets Level 37366

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

US Wall Street 30 (US30USD) Long-term Trend: Bullish
US30USD is in a sideways trend but targets level 37366. US Wall Street 30 is in an uptrend as price breaks above the moving averages. On February 2, buyers were repelled as they attempt to break above the moving averages. The index fell and resumed a fresh uptrend. US Wall Street 30 will revisit the previous high of level 36700 if the current resistance is breached. Meanwhile, on February 3 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 36821.40.

US Wall Street 30 Pushes to the Bullish Trend Zone, Targets Level 37366
US30USD – Daily Chart

US Wall Street 30 Daily Chart Indicators Reading:
US Wall Street 30 is at level 55 of the Relative Strength Index for period 14. The index is in the uptrend zone and capable of a further upward move. The 21-day and 50 –day SMAs are sloping horizontally indicating the sideways trend. The index price bars are above the moving average indicating a possible upward move.

US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, US30USD is in an uptrend. The index price has broken above the moving average as the market reaches the overbought region. Meanwhile, on February 2 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the index will rise to level 2.0 Fibonacci extension or level 37366.40.

US Wall Street 30 Pushes to the Bullish Trend Zone, Targets Level 37366
US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. The index is trading in the overbought region of the market. Further upward move is doubtful. Sellers will emerge to push prices down. 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 trading at level 35706 as of press time but targets level 37366. The current uptrend may be short-lived. In the previous uptrend, the index was resisted at the same level.

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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.