Us Wall Street 30 (US30USD) reaches Overbought Region at 29500, Faces Selling Pressure

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 uptrend commenced in June and ended in February 2020. The interruption of the uptrend was that the market reached the overbought region. US30USD reached a high of 29500 and was overbought. The upward move becomes impossible as the index was resisted.

The market fell to a low of 25500. In the overbought region, sellers are on hand to push US30USD downward. Nonetheless, the index fell to a low of 25500 and was oversold. The current low or support is likely to hold as we expect buyers at the oversold region to push the price upward.

Daily Chart Indicators Reading:
The downward movement of the index has resulted in the US30USD to be in an oversold region. The index has fallen below a 20% range of the daily stochastic. This also means that US30USD is in a strong bearish momentum. We expect buyers to be on hand to push the index upward. US30USD will remain in the oversold region as long as buyers fail to emerge.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4- hour chart, the index has been in a sideways trend before the price breakdown. US30USD has fluctuated between 28500 and 29500 for sometimes. The bulls and the bears have earlier been testing the lower and the upper price range to break it. However, the market fell after being resisted by the EMAs.

4-hour Chart Indicators Reading
The index is currently at level 52 of the Relative Strength Index period 14. The index is likely to rise because it is above the centerline 50. The 21-day SMA and the 50-day SMA are sloping southward indicating the downtrend. Buyers will emerge in the oversold region to push the index upward. The downward move reaches a low of 25000 and rebounded.

General Outlook for US Wall Street 30 (US30USD)
US30USD is recovering after the price breakdown. As the market fell to the oversold region, there is a tendency for the market to rise. The stochastic and the Relative Strength Index are indicating an uptrend move. Buyers will be on hand to push US30USD upward.

Instrument: US Wall Street 30 (US30USD)
Order: Buy
Entry price: 26573
Stop: 26000
Target: 29500

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