Us Wall Street 30 (US30USD) Continues Downward Move Amidst Sleepy Market

Us Wall Street 30 (US30USD) Continues Downward Move Amidst Sleepy Market

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 index is likely to continue downward move as the market shows no signs of consolidation. Today, the market has fallen to a low of 19027. At this low, the index has reached the oversold region. The current bearish trend continues the downward move, even when the index is oversold.US30USD is in the oversold region. Therefore, buyers are expected to emerge in the oversold region.

US30USD – Daily Chart

Daily Chart Indicators Reading:
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. Unfortunately, the bulls fail to emerge at the appropriate time.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
The market is currently at level 36 of the Relative Strength Index period 14. The index is out of the oversold region as it approaches the centerline. 50 The 21-day SMA and the 50-day SMA are sloping southwardly indicating the downtrend,

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. The bearish candlestick has broken the consolidation.

General Outlook for US Wall Street 30 (US30USD)
US30USD index has been falling since March 2020. There seems to be no end in the downward move. The index has been oversold but buyers fail to emerge to push the coin upward. An uptrend or a downtrend does not respect an oversold or overbought region of the market.

Instrument: US Wall Street 30 (US30USD)
Order: Sell
Entry price: 19027
Stop: 19117
Target: 18827

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.