US Wall Street 30 (US30USD) Range-Bound below Level 34000, Uptrend Likely

US Wall Street 30 (US30USD) Range-Bound below Level 34000, Uptrend Likely

Key Resistance Zones: 34000, 34500, 35000
Key Support Zones: 27000, 26500, 26000

US Wall Street 30 (US30USD) Long-term Trend: Ranging
Since April 16, US30USD has been consolidating below the 34000 resistance zone. The upward move could not be sustained because of the current resistance. Meanwhile, the index is fluctuating between levels 33800 and 34000. On April 16, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the index is likely to rise to level 1.272 Fibonacci extension or 34848.50 .

US30USD – 4 Hour Chart

Daily Chart Indicators Reading:
The moving averages are sloping northward indicating an uptrend. The index price is above the moving averages which suggests a possible upward move. The market is at level 62 of the Relative Strength Index period 14. It indicates that the US30USD is in the uptrend zone and above the centerline 50.

US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, the index is in an uptrend. Buyers were repelled in the first uptrend. The market is rising to retest the resistance level. On May 3 uptrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates the market is likely to rise to level 2.618 Fibonacci extension or the high of level 34928.70.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is above the 55% range of the daily stochastic. It indicates that the market is in a bullish momentum. The SMAs are sloping upward indicating the uptrend.

General Outlook for US Wall Street 30 (US30USD)
US30USD is in an uptrend. The upward move is facing rejection at level 34000. The price indicator has indicated a possible move to level 2.618 Fibonacci extension or the high of 34928.70.

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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.