US Wall Street 30 Recovers but Struggles Below Level 33440

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 downward correction as it struggles below level 33440. The bears retested the current support twice before reversing. The index has reached bearish exhaustion. Meanwhile, on February 25 uptrend; 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 32059.30. The index has reversed at 1.272 Fibonacci extension.

US Wall Street 30 recovers but struggles below level 43440
US30USD – Daily Chart

US Wall Street 30 Daily Chart Indicators Reading:
US Wall Street 30 is at level 41 of the Relative Strength Index for period 14. The index is in the downtrend zone and below the centerline 50. The 21-day line and 50–day line SMAs are sloping southward indicating the downtrend. The index price bars are below the moving average indicating a possible fall.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, US30USD is in an upward move. The index price is between the moving averages. That is, US30USD is above the 21-day line SMA but below the 50-day line SMA indicating a possible range bound move. The upward move is facing rejection at the recent high.

US Wall Street 30 recovers but struggles below level 43440
US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. The market has reached the overbought region. A further upward move is doubtful. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways move.

General Outlook for US Wall Street 30 (US30USD)
US Wall Street 30 is making an upward correction but struggles below level 33440. The upward move is facing resistance at level 33427. On the upside, if buyers push US30USD above level 35000, the uptrend will resume.

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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.