US Wall Street 30 Reaches Bearish Exhaustion, Upward Move Likely

US Wall Street 30 Reaches Bearish Exhaustion, Upward Move Likely

Key Resistance Zones: 28500, 29000, 29500
Key Support Zones: 26000, 25500, 25000

US Wall Street 30 (US30USD) Long-term Trends: Bullish
US Wall Street 30 index is rising and in an ascending channel. The market in its bullish move has fallen to level 23000 low. The current support is holding as the market resume upward move. On the upside, if price breaks the resistance of 24000, the price will rally above level 25000.

US30USD – Daily Chart

Daily Chart Indicators Reading:
The SMAs have a bullish crossover as the 21-day crosses over the 50-day SMA indicating an upward move. The price has fallen to level 49 of the RSI period 14. The market is in a downtrend zone and it is below the centerline 50. The index has bullish signals.

US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, the index is in an ascending channel. Price breaks the support line and closes below it. Technically, the downtrend should have resumed rather the uptrend has resumed. On the upside, the index is likely to break above the support line.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is now above 60 % range of the daily stochastic. This indicates that the market is in a bullish momentum. The uptrend has resumed as prices rise to break above the support line.

General Outlook for US Wall Street 30 (US30USD)
US30USD index was in a downtrend. The market is rising to retest the previous highs. On the upside, US Wall Street 30 is likely to face resistances at level 24000 and 25000. The SMAs have a bullish crossover and stochastic is indicating bullish signals.

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.