Us Wall Street 30 (US30USD) Is Recovering but Faces Resistance at 24000

7 April 2020 | Updated: 7 April 2020

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

US Wall Street 30 (US30USD) Long-term Trends: Bearish
US30USD has resumed its upward move as it broke the 23000 resistance level. The market is approaching the resistance at 24000. On the upside, if the bulls continue the upward move the market will reach a high of 26000. On the downside, if the bulls fail to sustain price above, the market will fall to 22000 support.

US30USD- Daily Chart

Daily Chart Indicators Reading:
The 21-day and 50-day moving averages are still sloping southward indicating the bear market. US30USD is above 75% range of the daily stochastic. In the short term, the index is in a bullish momentum but approaching the overbought region of the market.

US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, the index is in an upward move after breaking the resistance line of the channel. Initially, the upward was hampered but the bulls have succeeded in breaking the minor resistance at 22408. The upward move is continuing as the index is above 23000.

US30USD – 4- Hour Chart

4-hour Chart Indicators Reading
The US30USD index is at level 75 of the Relative Strength Index period 14. Presently, the market has run into the overbought region. Therefore, there is a likelihood of the emergence of bears to push the index downward.

General Outlook for US Wall Street 30 (US30USD)
US30USD index has resumed upward move after an initial resistance 22408. Recently, the market reached a high of 23475 and has reached the overbought region of the market. Sellers are likely to arrive at the overbought region of the market.

Instrument: US Wall Street 30 (US30USD)
Order: Buy
Entry price: 23439
Stop: 23400
Target: 23639

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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Azeez Mustapha

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.