US Wall Street 30 (US30USD) Is in a Sideways Move, Struggles below Level 34500 Resistance

US Wall Street 30 (US30USD) Is in a Sideways Move, Struggles below Level 34500 Resistance

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

US Wall Street 30 (US30USD) Long-term Trend: Bullish
US30USD is making an upward move to retest or break the resistance at level 35000. Presently, the upward move is facing resistance at level 34500 for the second time. Meanwhile, on May 10 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the index is likely to rise to level 2.0 Fibonacci extension or level 38062.20.

US30USD – Daily Chart

Daily Chart Indicators Reading:
The index has fallen to level 56 of the Relative Strength Index period 14. It indicates that the US30USD is in the uptrend zone and above the centerline 50. The 21-day and 50 –day SMAs are sloping upward indicating the uptrend. The index price is above SMAs which suggests a further upward move.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, the index is in a sideways trend below the resistance. On May 14 uptrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that US Wall St will rise to level 2.618 Fibonacci extension level or level 36308.90.

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. This is contrary to the price action. 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 upward move. Presently, the upward move is facing resistance at levels 34500 and 35000. The uptrend will resume if these levels are breached.

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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.