US Wall Street 30 (US30USD) Uptrend Faces Rejection at Level 29000

Estimated Reading Time: 2 minutes

Article Rating:

Based on 1 vote

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
The index is in an upward move. The uptrend has been terminated at level 29000 but currently retracing to level 28000. The earlier uptrend has been invalidated as the index continues to fall. A bullish trend line is drawn showing the support levels of the market.

Daily Chart Indicators Reading:
The 21-day and the 50-day SMA are sloping upward. The price has fallen to level 47 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: Ranging
On the 4-hour chart, the index is on a sideways move. The market fluctuates between levels 27600 and 28400. 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 50 % 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 oversold region.

General Outlook for US Wall Street 30 (US30USD)
US30USD index is on a sideways move. It is fluctuating between level 27600 and 28400. The market will reach a low of level 27200.

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