US Wall Street 30 (US30USD) Consolidates below Level 35000, Uptrend Is Likely

Key Resistance Zones: 34000, 34500, 35000
Key Support Zones: 27000, 26500, 26000

US Wall Street 30 (US30USD) Long-term Trend: Bullish
US Wall Street 30 is in a range bound move below level 35000. Since May 7, the index has been trading below it. The index retested the resistance zone twice and was repelled. Buyers are still retesting the resistance zone to break above it. On May 14 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the market will rise to level 2.0 Fibonacci extension or level 35631.10.

Daily Chart Indicators Reading:
US Wall Street 30 has risen to level 52 of the Relative Strength Index period 14. It indicates that the index is in an uptrend zone. The 21-day and 50 –day SMAs are sloping upward indicating the uptrend.

US Wall Street 30 (US30USD) Medium-term Trend: Ranging
On the 4-hour chart, the index is presently fluctuating below the resistance zone. Since June 21 the index has been recovering from the recent breakdown. The upward move is facing rejection from the recent high. The index is consolidating below the resistance at level 34600.

4-hour Chart Indicators Reading
US30USD is above the 40% range of the daily stochastic. It indicates that the market is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for US Wall Street 30 (US30USD)
US30USD is in an uptrend. The upward move is facing resistance at level 35000. The market is currently fluctuating below the resistance level. According to the Fibonacci tool, the index is likely to rise to level 2.0 Fibonacci extension or level 35631.10.


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