US Wall Street 30 (US30USD) Consolidates and Rebounds Above Level 26300

US Wall Street 30 (US30USD) Consolidates and Rebounds Above Level 26300

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

US Wall Street 30 (US30USD) Long-term Trends: Bearish
The index has been in a downward move. The price has fallen and reached level 26400. There are signs of bullish signals as the downward move reach bearish exhaustion.

US30USD -Daily Chart

Daily Chart Indicators Reading:
The 21-day and the 50-day SMA are sloping upward. The price has fallen to level 32 of the RSI period 14. The market is in a downtrend zone and it is below the centerline 50. US30USD has reached the oversold region of the market.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, the index is on a downward move. On October 28 downtrend; a retraced candle body tested the 88.6% Fibonacci retracement. This indicates that the index will fall and reach a low of 1.1129 Fibonacci extensions. That is the index will fall to level 26254.50.

US30USD -4 Hour Chart

4-hour Chart Indicators Reading
US30USD is above the 25 % range of the daily stochastic. This indicates that the market is in a bullish momentum. The SMAs are sloping downward indicating the previous uptrend.

General Outlook for US Wall Street 30 (US30USD)
US30USD index has been in a downward move. The price has fallen to level 26300 and resumed consolidation above it. Buyers have resumed pushing the price upward as the index reached bearish exhaustion.


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.