US Wall Street 30 Reaches an Oversold Region, May Resume Uptrend Above 34402

Updated:

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

US Wall Street 30 (US30USD) Long-term Trend: Bullish
US30USD is above the moving averages as it may resume uptrend above 34402. The bears are attempting to break below the moving averages. The selling pressure will resume if price breaks below the moving averages. The index will resume upward if price holds above the moving averages. US30USD is trading at level 34364.10 as of press time.

US Wall Street 30 Reaches an Oversold Region, May Resume Uptrend Above 34402
US30USD – Daily Chart

US Wall Street 30 Daily Chart Indicators Reading:
US Wall Street 30 has fallen to level 48 of the Relative Strength Index for period 14. It implies that the US30USD has fallen to the bearish trend zone. Also, it is below the centerline 50. The 21-day SMA and the 50-day SMA are sloping horizontally indicating a sideways trend.

US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, US30USD is in a downtrend as price breaks below the moving averages. The index has fallen to the oversold region of the market. Meanwhile, on April 1 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the index will fall to level 1.618 Fibonacci extension or level 34106.76. From the price action, the index is reversing at level 34359.

 US Wall Street 30 Reaches an Oversold Region, May Resume Uptrend Above 34402
US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is below the 20% range of the daily stochastic. The market has reached the oversold region. 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 on a downward move as it may resume uptrend above 34402. The index is recovering after falling to the oversold region of the market. The market will resume upward if the current support holds.

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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.