US Wall Street 30 (US30USD) Holds at Current Support, as Market Resumes Upward Move

US Wall Street 30 (US30USD) Holds at Current Support, as Market Resumes Upward Move

Key Resistance Zones: 28500, 29000, 29500
Key Support Zones: 26000, 25500, 25000

US Wall Street 30 (US30USD) Long-term Trend: Bearish
US Wall Street 30 index is in an `uptrend. Last week, the bears pulled back to retest at 27000 resistance. The index suffered another round of selling as it fell to 23640. US30USD will make an upward move from the current support. Presently, the upward move is facing resistance at 27000. On the upside, a break above 27000 will make the index to rise above 29000.

US30USD[ – 4 Hour Chart
Daily Chart Indicators Reading:
US30USD index has fallen below a 20% range of the daily stochastic. This also means that price is in a strong bearish momentum. However, when buyers emerge the index will make an upward move to the previous high. In other words, an index will rise when the indicator shows signs of an upward move.

.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 before the downtrend. The market has been fluctuating between 28000 and 29000. On February 24, the bears broke the lower price range and the price dropped sharply to the low of 24800. The current support is holding as the bulls make an upward move to retest the resistance at 26800.

BTC/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The index is currently at level 32 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)
US30USD is still trading at the bottom of the chart. Presently, the index is in the oversold region of the market. The bulls are expected to emerge in the oversold region to push the price upward. However, the index can remain in the oversold region if buyers fail to emerge.

Instrument: US Wall Street 30 (US30USD)
Order: Buy
Entry price: 24403
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.