US Wall Street 30 (US30USD) Reaches Bearish Exhaustion, May Reverse at Level 30004.50

Key Resistance Zones: 33000, 33500, 34000
Key Support Zones: 26000, 25500, 25000

US Wall Street 30 (US30USD) Long-term Trend: Bearish

US Wall Street 30 is in a downward move. The index has fallen to the low of level 29870.40. The last candlestick is showing a long tail indicating strong buying pressure at a lower price level.

Daily Chart Indicators Reading:
The 21-day and the 50-day SMA are sloping upward. The index has fallen to level 37 of the Relative Strength period 14. The market is in a downtrend zone and it is below the centerline 50.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, the index is in a downward move. On January 29 downtrend; a retraced candle tested the 78.6% Fibonacci retracement level. The retracement indicates that the index is likely to reach level 1.272 Fibonacci extension or the low of 30004.50. At his level, the market is expected to reverse and return to 78.6% Fibonacci retracement where it originated.

4-hour Chart Indicators Reading
US30USD is below the 20 % range of the daily stochastic. This indicates that the market is in a bearish momentum. The index has reached the oversold region of the market. The SMAs are sloping downward indicating the downtrend.

General Outlook for US Wall Street 30 (US30USD)
US30USD index is in a downward move. The index downward move is presumed to reach bearish exhaustion. The price action is indicating bullish signals. The candlesticks are displaying long tails indicating strong buying pressure at lower price levels.


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