US Wall Street 30 (US30USD) Declines, Faces Rejection at Level 33200


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 but it is facing resistance at level 33200. The index is also approaching the oversold region. On March 18 a retraced candle body tested the 78.6% Fibonacci retracement level. With this retracement, US30USD is likely to rise to level 1.272 Fibonacci extension but it will reverse. That is the high of level 33863.80.

US30USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day and the 50-day SMAs are sloping upward indicating an uptrend. The index has risen to level 64 of the Relative Strength period 14. It is in an uptrend zone and it is approaching the overbought region.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, the index is falling after retesting the resistance at level 33200. On March 26 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This implies that US30USD is likely to rise to level 1.272 Fibonacci extension or level 33375.50.

US30USD -4 Hour Chart

4-hour Chart Indicators Reading
US30USD is above the 80% range of the daily stochastic. This indicates that price has reached the overbought region of the market. Sellers will emerge in the overbought region. It is likely the index will fall. The SMAs are sloping upward indicating the uptrend.

General Outlook for US Wall Street 30 (US30USD)
US30USD is still trading in the overbought region. Sellers will emerge to push prices down. Presently, the index is facing rejection at level 33200. From the Fibonacci tool, the index has a target price of level 1.272 Fibonacci extension or level 33375 .50.

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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.