US Wall Street 30 (US30USD) Consolidates Above 21000, Lacks Buyers at Higher Levels

US Wall Street 30 (US30USD) Consolidates Above 21000, Lacks Buyers at Higher Levels

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

US Wall Street 30 (US30USD) Long-term Trends: Bearish
US Wall Street 30 upward move has been hindered near the 23000 resistance zone. The bulls tested the resistance zone twice before pulling back. The upward move is doubtful as the index continues to fall. On the upside, it is possible for the bulls to turn around to retest the 23000 resistance zone. The upward move is also resisted by the 21-day SMA.

US30USD – Daily Chart

Daily Chart Indicators Reading:
The blue and red moving averages are sloping downward indicating the earlier bear market. US30USD is above 40% range of the daily stochastic. The index is in a bullish momentum but it is conflicting with the current price action.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, US30USD is in a descending channel. The bulls broke and closed above the resistance line of the descending channel. The market is presently consolidating above 21000 supports. The index is currently facing resistance in the 23000 zone. The price falls and finds support above the 21000 support.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
The index is at level 44 of the Relative Strength Index period 14. This means that price is in the downtrend zone. The index is below the centerline 50 and may likely fall.

General Outlook for US Wall Street 30 (US30USD)
US30USD index is currently falling after testing the 23000 resistance zone. The market falls but consolidates above 21000 support. An upward move is possible. On the upside, if the bulls break the resistance at 23000, the market will reach a high of $25000

Instrument: US Wall Street 30 (US30USD)
Order: Sell
Entry price: 21059
Stop: 21100
Target: 20859

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 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.