US Wall Street 30 (US30USD) Breaches Level 32000, Targets Level 34398.50

US Wall Street 30 (US30USD) Breaches Level 32000, Targets Level 34398.50

Key Resistance Zones: 33000, 33500, 34000
Key Support Zones: 26000, 25500, 25000

US Wall Street 30 (US30USD) Long-term Trend: Bullish
US Wall Street 30 is in an uptrend. The bulls have broken the resistance at level 32000 as the uptrend resumes. On February 25 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. With this retracement, the index is likely to reach level 2.0 Fibonacci extension or the high of level 34398.50.

US30USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day and the 50-day SMA are sloping upward. The index has risen to level 69 of the Relative Strength period 14. It has reached the overbought region of the market. The uptrend may gradually reach bullish exhaustion.

US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, the index is in an upward move. The price has broken level 32000 and rallied to level 33000. The index is facing another rejection at level 33000. Since March 8, US30USD has been trading in the overbought region.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is above the 80% range of the daily stochastic. This indicates that the market is in the overbought region of the market. The stochastic bands have been fluctuating in the overbought region of the market. The SMAs are sloping upward indicating the uptrend.

General Outlook for US Wall Street 30 (US30USD)
US30USD is trading in the overbought region. The bulls have broken level 32000 as the index continues the uptrend. According to the Fibonacci tool, the uptrend will reach level 34398.58.


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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.