US Wall Street 30 Resumes Uptrend as It Rebounds Above Level 32510

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 as it rebounds above level 32510. The current downtrend has reached bearish exhaustion as the index resumes an upward move. The index will resume uptrend each time it reaches the low of level 32325. Meanwhile, on April 27 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 32510.70.

US Wall Street 30 Resumes Uptrend as It Rebounds Above Level 32510
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 but it is making an upward correction. The 21-day SMA and the 50-day SMA are sloping sideways indicating a sideways trend.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, US30USD is in a downtrend but it makes an upward correction. The index reached the high of level 35516 but was repelled. Meanwhile, on April 26 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 32510.70.

US Wall Street 30 Resumes Uptrend as It Rebounds Above Level 32510
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. The index may resume a downward move from the overbought 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 sideways move since November 2021 as it rebounds above level 32510. The index has been fluctuating between level 32510 and 36000 price levels. US Wall Street 30 is presently trading above the lower price range.

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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.