US Wall Street 30 Resumes Uptrend As It Targets Level 31263

Key Resistance Zones: 31500, 32000, 32500
Key Support Zones: 26000, 25500, 25000

US Wall Street 30 (US30USD) Long-term Trends: Bearish
US Wall Street 30 is in an uptrend as it targets level 31263 . The index price has broken above the 21-day line SMA and it is likely to reach the 50-day line SMA. On October 13 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that the index will rise to level 2.0 Fibonacci extension or level 31263.70 .

Daily Chart Indicators Reading:
US30USD has reached the equilibrium price level at level 51 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The index price bars are between the moving average lines which indicate a range-bound move of the index. The moving average lines are sloping southward indicating the downtrend.


US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, the US30USD is in an uptrend as it breaks above the moving average lines. The current uptrend has reached the overbought region as it faces rejection. On October 14 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that US30USD will rise to level 2.0 Fibonacci extension or level 32033.40.

4-hour Chart Indicators Reading
The index has risen above the 80% range of the daily Stochastic. The market has reached the overbought region. The uptrend is likely to be affected as sellers emerge in the overbought region.

General Outlook for US Wall Street 30 (US30USD)
US30USD has recovered from downtrend as it targets level 31263.The index will be compelled to a range bound move if it turns down from the recent high.

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