US Wall Street 30 (US30USD) Faces Rejection at Level 28000, May Resume Downtrend

Key Resistance Zones: 28500, 29000, 29500
Key Support Zones: 26000, 25500, 25000

US Wall Street 30 (US30USD) Long-term Trends: Ranging
The index was fluctuating between levels 25000 and 27000 since June 10. The market is likely to face a downward move. The price is currently facing rejection at level 28000.

Daily Chart Indicators Reading:
The 21-day and the 50-day SMA are sloping sideways. The price has risen to level 69 of the RSI period 14. The market is in an uptrend zone and it is above the centerline 50.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, the index is on a downward move. In the August 14 downtrend, a green candle body tested the 0.382 Fibonacci retracement level. This candle body explains that the market will fall and reach  level 2.618 Fibonacci extension level. In other words , the index will fall to level 27200.

4-hour Chart Indicators Reading
US30USD is below 60 % range of the daily stochastic. This indicates that the market is a bearish momentum. The SMAs are sloping upward indicating the previous uptrend.

General Outlook for US Wall Street 30 (US30USD)
US30USD index is now on a downward move. The previous uptrend has been terminated at the resistance of 28000.


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