US Wall Street 30 (US30USD) In a Sideways Move, Faces Rejection at Level 35200

US Wall Street 30 (US30USD) In a Sideways Move, Faces Rejection at Level 35200

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

US Wall Street 30 (US30USD) Long-term Trend: Bullish
US Wall Street 30 has been in a sideways trend since May 7. The market has been fluctuating below level 35200 overhead resistances. The index is falling after facing rejection at the recent high. In previous rejections, the index would fall to levels 33500 and 33100.

US30USD – Daily Chart

Daily Chart Indicators Reading:
US Wall Street 30 has risen to level 58 of the Relative Strength Index period 14. It indicates that the index is in an uptrend zone above the centerline 50. The 21-day and 50 –day SMAs are sloping upward indicating the uptrend.

US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, the index is an uptrend. US30USD has traded and reached the overbought region of the market. The index is falling as sellers emerge in the overbought region. Meanwhile, on July 11 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the market will rise but reverse at level 1.272 Fibonacci extension or level 35078.90.50.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is below the 80% range of the daily stochastic. It indicates that the market is in a bearish momentum. Sellers have emerged in the overbought region to push prices down. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for US Wall Street 30 (US30USD)
US30USD is in an uptrend. It is presently falling as a result of the overbought condition of the market. The market is falling and it is expected to reach a low of 34800. However, if price breaks below the moving averages, the selling pressure will persist.

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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.