US Wall Street 30 (US30USD) Faces Rejection at Level 35000, Resumes Downtrend

Azeez Mustapha
15 September 2021 | Updated: 15 September 2021

Key Resistance Zones: 35000, 35500, 36000
Key Support Zones: 27000, 26500, 26000

US Wall Street 30 (US30USD) Long-term Trend: Ranging
US30USD is in a downward move. Yesterday, the index fell to level 34506. There is an indication of a further downward move. As price breaks below the moving averages, the market is expected to decline. Meanwhile, on August 19 downtrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that US30USD will fall to level 2.618 Fibonacci extension or level 32955.

US30USD – Daily Chart

US Wall Street 30 Daily Chart Indicators Reading:
The index is at level 39 of the Relative Strength Index period 14. It indicates that it is in the bearish trend zone and approaching the oversold region of the market. The 21-day and 50 –day SMAs are sloping upward indicating the uptrend.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, the index price is in a bearish trend. The index price is making a series of lower highs and lower lows. Meanwhile, on September 10 down, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that US30USD will fall to level 1.618 Fibonacci extension or level 34457.

US30USD – 1 Hour Chart

1-hour Chart Indicators Reading
US30USD is above the 25% range of the daily stochastic. This implies that the market is in a bullish momentum. The 21-day and 50-day SMAs are sloping down indicating the downtrend.

General Outlook for US Wall Street 30 (US30USD)
US Wall Street 30 has resumed its downward move after the initial correction. According to the Fibonacci tool, the market will decline to level 2.618 Fibonacci extension or level 32955.

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Azeez Mustapha

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.