Us Wall Street 30 (US30USD) deepens Into the Oversold Region as Buyers Fail to Emerge

Us Wall Street 30 (US30USD) deepens Into the Oversold Region as Buyers Fail to Emerge

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 still in a downtrend. Today, the market has fallen to the low of 20000. Meanwhile, the coin has reached the oversold region. Buyers are yet to emerge because of the strong bearish move. The index will move upward when buyers emerge at the oversold region.

At the current low, the bulls are making an upward move. At present, the upward move is facing resistance at 27000 since November 2019. The market has been fluctuating between 28000 and 29600. On February 24, the bears broke the lower price range and the price dropped sharply to the low of 23400. The US30USD index has continued to fluctuate at the bottom of the chart.

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. The oversold region is not holding because of the strong bearish movement. It will hold as trend reverses.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
The market is currently at level 27 of the Relative Strength Index period 14. The index is now in an oversold region of the market. The 21-day SMA and the 50-day SMA are sloping southward 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 consolidating above 21000. The market has been consolidating for the past five days.

General Outlook for US Wall Street 30 (US30USD)
US30USD index is still in a downtrend. The price is falling unabated. Another issue is the oversold region. The bulls are not emerging at the oversold region as price continues the downward move. The reason is that in a strong bearish trend, oversold overbought regions may not hold.

Instrument: US Wall Street 30 (US30USD)
Order: Sell
Entry price: 20919
Stop: 21000
Target: 20719

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.