US Wall Street 30 Rebounds as the Index Shows Strength above Level 33177

Updated:

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

US Wall Street 30 (US30USD) Long-term Trend: Bearish
US30USD is in a downtrend after facing rejection twice at level 35200 but shows strength above level 33177. The bears broke below the moving averages and declined to the low of level 33177. Since January, buyers have failed to keep the price above the 35200 resistance level. Presently, the index has reached bearish exhaustion as buyers attempt to push prices upward. Meanwhile, on April 25 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the index will fall but reverse at level 1.272 Fibonacci extension or level 32730.40.

US Wall Street 30 Rebounds as the Index Shows Strength above Level 33177
US30USD – Daily Chart

US Wall Street 30 Daily Chart Indicators Reading:
US30USD has fallen to level 40 of the Relative Strength Index for period 14. The index is in the downtrend zone and below the centerline 50. The 21-day SMA and the 50-day SMA are sloping sideways indicating a sideways trend.

US Wall Street 30 (US30USD) Medium-term Trend: Ranging
On the 4-hour chart, US30USD has been in a sideways move after reaching the high of level 35305.40. The index was repelled as it resumed a sideways move on March 29. On April 21, US30USD faced rejection at level 35516 as the index plunged to level 33177. Meanwhile, on April 24 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the index will fall to level 1.272 Fibonacci extension or level 32730.40.

US Wall Street 30 Rebounds as the Index Shows Strength above Level 33177
US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is above the 25% range of the daily stochastic. The current downtrend has subsided as buyers emerge in 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 is in a downtrend but shows strength above level 33177. The market is expected to reach the low of level 32730 and reverse. The downtrend has reached the low of level 33177 and it is reversing.

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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.