US Wall Street 30 (US30USD) Fluctuates Above 24000 Support Level

US Wall Street 30 (US30USD) Fluctuates Above 24000 Support Level

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 in an uptrend as it reaches the high of 29584. The bulls were resisted and the market has a downward move. The breakdown reaches a low of 26000. After a retest at 27000, the price finally drops to a low of 23771. The index has not fully fallen into the oversold region.

It is unclear if the downward move will persist. At the current low, the bulls are making an upward move. At present, the upward move is facing resistance at 27000. On the upside, a break above 27000 will enable the index to rise above 29000.

US30USD – Daily Chart

Daily Chart Indicators Reading:
US30USD index has partially fallen below a 20% range of the daily stochastic. The index is in a strong bearish momentum. When the price reaches the oversold region buyers will emerge to push the index upward.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4- hour chart, the index has been in a range-bound move 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 has continued to fluctuate at the bottom of the chart.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
The market is currently at level 34 of the Relative Strength Index period 14. The index is likely to fall as it is below the centerline 50. The 21-day SMA and the 50-day SMA are sloping horizontally.

General Outlook for US Wall Street 30 (US30USD)
The index is still trading at the bottom of the chart. Presently, the index has made a U-turn in the oversold region of the market. The region has not fully captured US30USD as the bears are still in control. The bulls are expected to emerge in the oversold region to push the price upward.

Instrument: US Wall Street 30 (US30USD)
Order: Buy
Entry price: 24879
Stop: 24000
Target: 29500

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.