US Wall Street 30 Recovers but Stuck Below 35000 Resistance Zone

Updated:

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

US Wall Street 30 (US30USD) Long-term Trend: Bullish
US30USD is in an uptrend but stuck below 35000 resistance zone. The current uptrend has reached the high of level 34783. US30USD has reached the overbought region of the market. Sellers have emerged to push prices down. Presently, the market is fluctuating below the resistance level. On the downside, if price retraces and breaks below the 50-day line moving average, the index will fall between the moving averages. This will cause it to be in a range-bound move between the moving averages. On the upside, if the bulls break the current resistance, the market will rally to level 35700.

US Wall Street 30 Recovers but Stuck Below 35000 Resistance Zone
US30USD – Daily Chart

US Wall Street 30 Daily Chart Indicators Reading:
US Wall Street 30 is at level 57 of the Relative Strength Index for period 14. The recent uptrend has pushed the index upward indicating a further upward of prices. The index price bar is above the 21-day line SMA and the 50-day line SMA indicating a possible upward move.

US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, US30USD is in an upward move as price breaks above the moving averages. The uptrend has reached a high of level 34783 but it is facing rejection. Meanwhile, on March 20 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the index will rise to level 1.618 Fibonacci extension or level 35322.50.

US Wall Street 30 Recovers but Stuck Below 35000 Resistance Zone
US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is below the 80% range of the daily stochastic. The market has reached the overbought region as sellers emerge. The price bars have retraced above the 21-day line moving averages. 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 in an upward move but stuck below 35000 resistance zone.. The uptrend is facing rejection at level 34783. The index will resume an uptrend when the current resistance is breached.


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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.