US Wall Street 30 (US30USD) Faces Rejection at 2900, Finds Support Above Level 28000

Estimated Reading Time: 2 minutes

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Azeez Mustapha

Updated: 13 October 2022

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

US Wall Street 30 (US30USD) Long-term Trends: Bullish
US Wall Street 30 is in an upward move. The uptrend has broken level 29000 but currently retracing to level 28000. The earlier uptrend has been invalidated as the index continues to fall.

Daily Chart Indicators Reading:
The 21-day and the 50-day SMA are sloping upward. The price has fallen to level 45 of the RSI period 14. The market is in an uptrend zone and it is above the centerline 50.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, the index is on a downward move. The index is in a descending channel.The previous uptrend has been terminated at the resistance of 29200. The index has fallen to level 27800.

4-hour Chart Indicators Reading
US30USD is below the 40 % range of the daily stochastic. This indicates that the market is in a bearish momentum. The SMAs are sloping upward indicating the uptrend. The index is in the overbought region.

General Outlook for US Wall Street 30 (US30USD)
US30USD index is on a downward move. The downtrend will resume if price breaks below level 26000. The price is currently above the 21-day SMA. The uptrend will resume if price remains above the SMAs.

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