US Wall Street 30 Struggles below 32585 as It Retraces Above 32000

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

US Wall Street 30 (US30USD) Long-term Trend: Bearish
US30USD’s price is making an upward correction as it retraces above 32000. Since April 25, the bulls have failed to break above the moving averages. On May 4, the index was repelled as they attempt to break above the moving averages. Today, the upward correction has begun. Meanwhile, on April 26 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 32596.60.

US Wall Street 30 Daily Chart Indicators Reading:
The index has fallen to level 38 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 consolidating
above level 31885. The selling pressure will resume if the current support is breached. Meanwhile, on May 9 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 31528’90.

4-hour Chart Indicators Reading
US30USD is above the 50% range of the daily stochastic. The market has resumed bullish momentum but it is facing resistance at the 21-day line SMA. 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 downward correction as it retraces above 32000. The upward move is facing rejection at the recent high of level 32584. The uptrend will resume if price breaks above the moving averages.

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