US Wall Street 30 Resumes Uptrend, Targets Level 29000

Estimated Reading Time: 2 minutes

Article Rating:

Based on 1 vote

Azeez Mustapha

Updated: 13 October 2022

Key Resistance Zones: 28500, 29000, 29500
Key Support Zones: 26000, 25500, 25000

US Wall Street 30 (US30USD) Long-term Trends: Bullish
US Wall Street 30 index is in an uptrend. A correction candle body tested the Fibonacci 0.618 retracement level. This indicates that the index’s first target will be at the 1.618 extension level. Later, the uptrend will resume after the first target.

Daily Chart Indicators Reading:
The SMAs have a bullish crossover as the 21-day SMA crosses over the 50-day SMA indicating an upward move. The price has risen to level 74 of the RSI period 14. The market has reached the overbought region. Sellers may likely emerge to push prices down.

US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, the index is in an ascending channel. The price broke the resistance line of and closed above it. This indicates that the uptrend will continue. The index has risen and it is approaching the high of level 27083.

4-hour Chart Indicators Reading
US30USD is now above 80% range of the daily stochastic. The index is now trading in the overbought region. The index is said to be in a strong bullish momentum. The SMAs are sloping upward indicating the uptrend.

General Outlook for US Wall Street 30 (US30USD)
US30USD index is an uptrend. The RSI and stochastic indicators are indicating that the index is in the overbought region of the market. In the trending market, the overbought region may not hold.

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results