Key Resistance Zones: 35000, 35500, 36000
Key Support Zones: 27000, 26500, 26000
US Wall Street 30 (US30USD) Long-term Trend: Ranging
Since the bearish impulse of September 30, US30USD has been in a sideways move above level 33800. Buyers are also finding it difficult to break above level 34400. If the bulls break the current resistance, the market will rally to the next resistance at level 35000. However, the downward correction will continue if price fails to break the initial resistance.
US Wall Street 30 Daily Chart Indicators Reading:
The index is at level 42 of the Relative Strength Index period 14. It indicates that it is in the bearish trend zone and below centerline 50. The 21-day and 50 –day SMAs are sloping downward indicating the downtrend.
US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, US Wall Street 30 has fallen to the oversold region of the market as bulls bought the dips. However, the upward correction is facing resistance at level 34400. Buyers have been repelled at the resistance of level 34400. A break above it will catapult the index to level 35000. Meanwhile, on September 28 downtrend; 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 338050. 40. From the price action, the index has retested the 1.618 Fibonacci extension but the uptrend is being hampered.
4-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 downward indicating the previous trend.
General Outlook for US Wall Street 30 (US30USD)
US Wall Street 30 is likely to resume uptrend as bears end bearish run. The uptrend will resume if buyers breach the resistance levels of 34400 and 35000. The upward move has resumed above level 34000.
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