US Wall Street 30 (US30USD)Is Recovering, Attempts an Upward Move

US Wall Street 30 (US30USD)Is Recovering, Attempts an Upward Move

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

US Wall Street 30 (US30USD) Long-term Trends: Bearish
The US Wall Street 30 index is making an upward move as the 18000 support holds. The bulls made an upward move to a high of 22585.30 but at the moment the index is retracing after a resistance. However, if the index retraces to the support of 21000, the upward move may resume. The bulls are emerging from the oversold region.

US30USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA is acting as a resistance to the index. The index is above 40% range of the daily stochastic. This indicates that the market is in a bullish momentum. The bulls are emerging from the oversold region as the market makes an upward move.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, US30USD is in a descending channel. The support at 18000 holds as the bulls make an upward move. The bulls broke and closed above the resistance line of the descending channel. This indicates a change in the trend. The bulls are making an upward move in the previous highs.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
The index is at level 53 of the Relative Strength Index period 14. This means that price is in the uptrend zone. The index is above the centerline 50. There is a bullish crossover as the 21-day SMA crosses over 50-day SMA.

General Outlook for US Wall Street 30 (US30USD)
US30USD index is making an upward move above 18000. The support has been holding since March 22. The upward move is likely to hold as the bulls broke and closed above the resistance line of the descending channel.

Instrument: US Wall Street 30 (US30USD)
Order: Buy
Entry price: 21529.10
Stop: 21459.10
Target: 21729.10

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.