US Wall Street 30 (US30USD) Is in an Uptrend, Targets Level 34320

US Wall Street 30 (US30USD) Is in an Uptrend, Targets Level 34320

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

US Wall Street 30 (US30USD) Long-term Trend: Bullish
Since June 21, the selling pressure has subsided as the index resumed an uptrend. US Wall Street 30 fell to the low of 33197.50 and resumed an upward move.US30USD has reached level 34207. The upward move is facing resistance at the 50-day SMA. On the upside, if price breaks above the moving averages, the index will resume an uptrend. Otherwise, the market will be in the bearish trend zone.

US30USD – Daily Chart

Daily Chart Indicators Reading:
US Wall Street 30 has risen to level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 21-day and 50 –day SMAs are sloping upward indicating the uptrend.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, the index is presently retracing. Meanwhile, on June 24 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that US30USD is likely to rise to level 1.618 Fibonacci extension or level 34311.00. From the price action, the index is trading at level 34228.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is above the 80% range of the daily stochastic. It indicates that the market is in a bullish momentum. Also, it has reached the overbought region. 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. According to the Fibonacci tool, US30USD will rise to level 1.618 Fibonacci extension or level 34311. Meanwhile, the index is now trading in the overbought region.

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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.