US Wall Street 30 Regains Bullish Momentum, Battles Resistance at Level 35000

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RESULTS

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

US Wall Street 30 (US30USD) Long-term Trend: Bearish
US30USD has recovered from the previous downtrend but battles resistance at level 35000. On January 24, the index plunged to level 33150.40 and pulled back. US30USD is in an upward move and it is trading at level 34695 as of press time. The current bullish move will extend to level 36400 but may face resistance at the recent high. The overhead resistance at level 36400 has not been broken since November 8, 2021.

US Wall Street 30 Daily Chart Indicators Reading:
US30USD has risen to level 38 of the Relative Strength Index for period 14. On January 21, the index was earlier in the oversold region. Buyers are emerging to push prices upward. The 21-day and 50 –day SMAs are sloping horizontally indicating the sideways trend. The index price bars are below the moving averages but the uptrend has resumed as the index rises.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, US30USD is in an upward move as price breaks above the 21-day SMA. The index is below the 50-day SMA. Meanwhile, on January 24 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates the index will rise to level 1.618 Fibonacci extension or level 35246.50

4-hour Chart Indicators Reading
US30USD is above the 80% range of the daily stochastic. The index is trading in the overbought region of the market. US30USD is likely to face a minor retracement to the downside. The index is between the 21-day SMA and the 50-day SMAs indicating a possible range bound move.

General Outlook for US Wall Street 30 (US30USD)
US Wall Street 30 has resumed an upward move but battles resistance at level 35000. The daily stochastic has indicated an overbought region of the market. After the retracement, the upward move will resume.

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