US Wall Street 30 Rebounds Above Level 32600, Faces Rejection at 33927

Updated:

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

US Wall Street 30 (US30USD) Long-term Trend: Bearish
US30USD  index is above the 21-day line moving average but faces rejection at 33927. US Wall Street 30 is trading above the 21-day line SMA but below the 50-day line SMA. On the upside, if the bulls break above the 50-day line moving average, the index will retest the resistance at levels 35800 and 36800. Meanwhile, on March 11 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the index will rise to level 2.618 Fibonacci extension or level 35752.30.

US Wall Street 30 Rebounds Above Level 32600, Faces Rejection at 33927
US30USD – Daily Chart

US Wall Street 30 Daily Chart Indicators Reading:
US Wall Street 30 is at level 50 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The index price bar is above the 21-day line SMA but below the 50-day line SMA indicating a range-bound move.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, US30USD is in an upward move as the market reaches the overbought region. The present bullish move is likely to face rejection. Meanwhile, on March 15 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the index will rise to level 1.272 Fibonacci extension or level 33855.70 .

US Wall Street 30 Rebounds Above Level 32600, Faces Rejection at 33927
US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is above the 80% range of the daily stochastic. The market has reached the overbought region. Sellers are likely to emerge in the overbought region. 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 an upward move as it faces rejection at 33927. The upside momentum will resume if price breaks above the 50-day line moving average and the bullish momentum is sustained.

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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.