US Wall Street 30 Reaches the Overbought Region as It Fluctuates Below 34250

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 fluctuates below 34250. Since August 16, the index rallied to the high of level 34275.60 but was resisted. For the past four days, the uptrend has been hindered as it fluctuated below the resistance zone. On  August 1 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that US30USD will rise at level 2.0 Fibonacci extension or level 34103.40. From the price action, US30USD has reached the Fibonacci extension and it is falling.

US Wall Street 30 Reaches the Overbought Region as It Fluctuates Below 34250
US30USD – Daily Chart

Daily Chart Indicators Reading:
US30USD is at level 71 of the Relative Strength Index for period 14. The index is still in the overbought region of the market. Further upward move is unlikely. The price bars are above the 21-day line SMA and the 50-day line SMA indicating the uptrend. However, the market has reached bullish exhaustion.

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 34250. The uptrend has been hindered at the recent high as the price fluctuates above the 21-day line SMA. The downtrend will resume if price breaks below the moving average lines.

US Wall Street 30 Reaches the Overbought Region as It Fluctuates Below 34250
US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is below the 40 % range of the daily stochastic. It implies that the market is in a bearish momentum. 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 fluctuates below 34250. The index has reached the overbought region of the market. Further upward move is unlikely.

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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.