US Wall Street 30 (US30USD) Falls as Price Reaches Level 34000 Resistance Zone

US Wall Street 30 (US30USD) Falls as Price Reaches Level 34000 Resistance Zone

Key Resistance Zones: 33000, 33500, 34000
Key Support Zones: 26000, 25500, 25000

US Wall Street 30 (US30USD) Long-term Trend: Bullish
US30USD is retracing after the index tested level 34000 resistance zone. Besides, the index is trading in the overbought region of the market. The Fibonacci tool has indicated a possible reversal at this level. Meanwhile March 18 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that the market will rise to level 1.272 Fibonacci extension or level 33916.20 and reverse. From the price action, the market is reversing at the Fibonacci level.

US30USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day and the 50-day SMAs are sloping upward indicating an uptrend. The index has fallen to level 65 of the Relative Strength period 14. It indicates that the index is in the uptrend zone and above the centerline 50.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, the index is in a downward move. US30USD price has broken below the EMAs. Meanwhile, on April 12 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 33463.50.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is below the 40% range of the daily stochastic. It indicates that the market is in a bearish momentum. The SMAs are sloping upward indicating the uptrend.

General Outlook for US Wall Street 30 (US30USD)
US30USD is falling after reaching the overbought region of the market. According to the Fibonacci tool analysis, the market will reverse at level 1.272 Fibonacci extensions or the low of 33916.20. The downtrend may terminate at the 78.6% Fibonacci retracement level

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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.