US Wall Street 30 (US30USD) Continues Its Downward Move, May Revisit Level 33500


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

US Wall Street 30 (US30USD) Long-term Trend: Bullish
Presently, US30USD is in a downward move. The index is falling after reaching a high of 34270.40. Today, the market has declined to the low of level 33737.0. There is the possibility of a further downward move as price approaches the 21-day SMA. The market is declining because the index has earlier reached the overbought region of the market.

US30USD – Daily Chart

Daily Chart Indicators Reading:
US30USD has fallen from level 75 to level 63 of the Relative Strength Index period 14. It indicates that the index is in the uptrend zone and can rise. The 21-day and the 50-day SMAs are sloping northward indicating a previous trend.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, the index is in a downtrend. Initially, US Wall Street declined to level 34000 and after retesting level 34200, the selling pressure resumed. Meanwhile, on April 19 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. This implies that US30USD will fall to level 2.618 Fibonacci extension or the low of 33553.30.

US30USD – 4 hour Chart

4-hour Chart Indicators Reading
US30USD is below the 20% range of the daily stochastic. It indicates that the market has fallen into the oversold region. The SMAs are sloping downward indicating the downtrend.

General Outlook for US Wall Street 30 (US30USD)
US30USD has been trending upwardly for some time. The uptrend will continue after a minor retracement. US Wall Street is trading at level 33830.80 at the time of writing. A further downward movement of price is expected to level 33500.

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Azeez Mustapha

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.