US Wall Street 30 (US30USD) makes Gradual Recovery after a Heavy Downtrend

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RESULTS

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

US Wall Street 30 (US30USD) Long-term Trend: Bearish
US Wall Street 30 index is in an uptrend showing the support levels of price. The bulls tested the Overhead resistance on two occasions before falling. The market dropped to a low of $25000 and became oversold. Since the price is in the oversold region, the support at 25000 is likely to hold. US30USD will make an upward move from the current support. At the moment the upward move is facing resistance at 27000. On the upside, a break above 27000 will make the index to rise above 28000.

Daily Chart Indicators Reading:
The index dropped sharply resulting in the US30USD being in an oversold region. The index has fallen below a 20% range of the daily stochastic. This also means that price is in a strong bearish momentum. However, when buyers emerge the index will make an upward move to the previous high.
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US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4- hour chart, the index has been in a sideways move since November 2019 before the downtrend. Before downward move’, US30USD has been fluctuating between 28500 and 29500. On February 24, the bears broke the lower price range and the price dropped sharply to the low of 24800. The current support was holding as the bulls make an upward move to retest the resistance at 26800.

4-hour Chart Indicators Reading
The index is currently at level 21 of the Relative Strength Index period 14. The index is likely to fall as it is below the centerline 50. The 21-day SMA and the 50-day SMA are sloping horizontally. The bottom line is that buyers will emerge in the oversold region to push the price upward.

General Outlook for US Wall Street 30 (US30USD)
US30USD has dropped shapely into the bottom of the chart. Presently, the index is in the oversold region of the market. Buyers are expected at the oversold region to push the price upward. Nonetheless, the index can stay behind in the oversold region if buyers fail to emerge.

Instrument: US Wall Street 30 (US30USD)
Order: Buy
Entry price: 25814
Stop: 24000
Target: 29500

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