US Wall Street 30 (US30USD) Fluctuates Below Level 34200, May Resume Selling Pressure

US Wall Street 30 (US30USD) Fluctuates Below Level 34200, May Resume Selling Pressure

Key Resistance Zones: 34000, 34500, 35000
Key Support Zones: 27000, 26500, 26000

US Wall Street 30 (US30USD) Long-term Trend: Ranging
US Wall Street 30 is in a sideways move since April 16. The index has been consolidating below the resistance at level 34400. The current uptrend has been terminated at the recent high. On March 18 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the index is likely to rise to level 1.272 Fibonacci extension and reverse. From the price action, the market is consolidating at the 1.272 Fibonacci extension. A possible reversal is likely.

US30USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day and the 50-day SMAs are sloping northward indicating an uptrend. The index price is above the moving averages which suggests a possible upward move. The market is at level 61 of the Relative Strength Index period 14. It indicates that the US30USD is in the uptrend zone and above the centerline 50.

US Wall Street 30 (US30USD) Medium-term Trend: Ranging
On the 4-hour chart, the index is in a sideways move below level 34200.US Wall Street 30 has been fluctuating between levels 33800 and 34200. These range-bound levels have not been broken since April 14. The index price has broken below the moving averages which suggests a downward movement of prices.

US30USD -4 Hour Chart

4-hour Chart Indicators Reading
US30USD is below the 60% 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 in a sideways move. The index has been fluctuating below level 34200. According to the Fibonacci tool, the market may fall or reverse at level 1.272 Fibonacci extension or level 33928.40.


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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.