US Wall Street 30 Reverses above Level 32000, Targets Level 35000

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 but targets level 35000. There is a bullish pin bar indicating the reversal of the bearish trend. Presently, the upward move is facing an initial resistance at level 34000. Meanwhile, on February 25 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 35134.

US Wall Street 30 Reverses above Level 32000, Targets Level 35000
US30USD – Daily Chart

US Wall Street 30 Daily Chart Indicators Reading:
US Wall Street 30 is at level 44 of the Relative Strength Index for period 14. The index is in the downtrend zone but there is a possible reversal. The 21-day line and 50–day line SMAs are sloping horizontally indicating the sideways trend. The index price bars are below the moving average indicating a possible downward move.


US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, US30USD is in an upward move. The index price has broken above the moving averages indicating a possible upward move. Meanwhile, on February 27 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 35134.0.

US Wall Street 30 Reverses above Level 32000, Targets Level 35000
US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. It is approaching the overbought region. The upward move has resumed. 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 targets level 35000 . On the daily chart, the uptrend will resume if price breaks above the moving averages. However, the upward move may face resistance as the market reaches the overbought region.


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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.