US Wall Street 30 (US30USD) Attempts to Make Correction against Larger Downtrend

US Wall Street 30 (US30USD) Attempts to Make Correction against Larger Downtrend

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

US Wall Street 30 (US30USD) Long-term Trends: Bearish
Today, the market is going upward as against the US Wall Street 30 index downward move. The upward move could be temporary as the bear market has not shown any sign of reversal. From the low of 18000, the market has moved up by 20378. The index was previously oversold but the bulls fail to emerge. The current upward move may face resistance at 21000.

US30USD – Daily Chart

Daily Chart Indicators Reading:
From the chart, US30USD is still below 20% range of the daily stochastic indicating that the market is in an oversold region. This is the second time the index will be in the oversold region. Regrettably, the bulls fail to emerge at the appropriate time.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, US30USD is in a descending channel. The index is making a downward move in lower highs and lower lows pattern. The market has been consolidating for the past five days. At the moment, the bulls are making an upward move to break the resistance line of the channel.

US30USD – Daily Chart

4-hour Chart Indicators Reading
The index is at level 51 of the Relative Strength Index period 14. This means that price is in the uptrend zone. The index is above the centerline 50. The 21-day SMA and the 50-day SMA are sloping southwardly indicating the downtrend

General Outlook for US Wall Street 30 (US30USD)
US30USD index is making an upward move above 18000. This does not indicate a reversal of the downtrend. The stochastic indicates the index to be in the oversold region. That means we expect buyers to emerge to push the coin upwards.

Instrument: US Wall Street 30 (US30USD)
Order: Sell
Entry price: 20378.30
Stop: 20500
Target: 20178.30

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

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.