Us Wall Street 30 (US30USD) Holds Above 21000 Support Amidst Bullish Expectation

Us Wall Street 30 (US30USD) Holds Above 21000 Support Amidst Bullish Expectation

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 on a bear market. On March 12, the index fell to the low of 21000 and resumed fluctuations. The price is fluctuating between 21000 and 23000 price levels. At the moment the index is in the oversold region. Buyers are expected to emerge to push the price upward. The US30USD will make an upward move if buyers emerge.

At the current low, the bulls are making an upward move. At present, the upward move is facing resistance at 27000 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 – Daily Chart

Daily Chart Indicators Reading:

US30USD is below 20% range of the daily stochastic indicating that the market is in an oversold region. By default buyers are expected emerge to push the coin upward. At this moment, selling pressure is presumed to be exhausted.

 US Wall Street 30 (US30USD) Medium-term Trend: Bearish

On the 4-hour chart, US30USD is in a descending channel. The index is consolidating above 21000. The market has been consolidating for the past five days.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
The market is currently at level 27 of the Relative Strength Index period 14. The index is now in an oversold region of the market. The 21-day SMA and the 50-day SMA are sloping southwardly.

General Outlook for US Wall Street 30 (US30USD)
US30USD index has been holding above 21000 for the past 5 days. The index is still trading at the bottom of the chart. The bulls are expected to emerge in the oversold region to push the price upward. It is presumed that selling pressure has been exhausted.

Instrument: US Wall Street 30 (US30USD)
Order: Buy
Entry price: 21956
Stop: 21000
Target: 29000

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 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.