US Wall Street 30 Reaches Overbought Region as It Targets 34190.30 High

Updated:

Key Resistance Zones: 31500, 32000, 32500
Key Support Zones: 26000, 25500, 25000

US Wall Street 30 (US30USD) Long-term Trends: Bullish
US Wall Street 30 is in an uptrend as it targets 34190.30 high. The uptrend is approaching the next resistance at level 34124. A break above the next resistance will catapult the index to the  high of level 35000. However, a further upward movement of the index is doubtful as the market reaches the overbought region. On the other hand, if the bulls fail to break the next resistance, the index will decline and finds support above level 32380.

US Wall Street 30 Reaches Overbought Region as It Targets 34190.30 High
US30USD – Daily Chart

Daily Chart Indicators Reading:
US30USD is at level 72 of the Relative Strength Index for period 14. The index has reached the overbought region of the market. The current uptrend is likely to reach bullish exhaustion. The index has a bullish crossover. That is, the 21-day line SMA crosses above the 50-day line SMA indicating a buy order. The price bars are above the 21-day line SMA and the 50-day line SMA indicating a further upward move.

US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, the index is in an uptrend as it reaches the high of level 33716.90. The uptrend is likely to further rise to the upside. On the August 11 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that US30USD will rise at level 1.618 Fibonacci extension or level 34190.

US Wall Street 30 Reaches Overbought Region as It Targets 34190.30 High
US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is above the 80 % range of the daily stochastic. It implies that the market has reached the overbought region of the market. Sellers will emerge to push prices down. The 21-day line SMA and the 50-day line SMA are sloping upward indicating a further upward move.


General Outlook for US Wall Street 30 (US30USD)
US30USD is in an uptrend as it targets 34190.30 high. Buyers will have to break the next resistance to reach the high of level 35000. However, the current uptrend is reaching bullish exhaustion.


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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.