US Wall Street 30 (US30USD) Regains Bullish Momentum but Struggles above Level 34000

US Wall Street 30 (US30USD) Regains Bullish Momentum but Struggles above Level 34000

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

US Wall Street 30 (US30USD) Long-term Trend: Bullish
US30USD is in an upward move. On May 10, the index faced rejection at level 35000 which caused US30USD to decline to level 33563. US Wall Street 30 has resumed its upward move after a recent breakdown. Buyers have pushed the index above the moving which suggests an upward movement of the index.

US30USD – Daily Chart

Daily Chart Indicators Reading:
US Wall Street 30 has risen to level 53 of the Relative Strength Index period 14. It indicates that the US30USD is in the uptrend zone and above the centerline 50. The 21-day and 50 –day SMAs are sloping upward indicating the uptrend. The index price is above the SMAs which suggests a further upward move.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, the index has reached bearish exhaustion. Following its rejection at level 34850, US Wall Street 30 fell and resume an upward move above level 34000. The decline indicates that US Wall St will fall and reverse at level 1.272 Fibonacci extension level or level 34560.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is above the 25% range of the daily stochastic. It indicates that the market is in a bullish momentum. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.

General Outlook for US Wall Street 30 (US30USD)
US30USD is in an upward move. US Wall Street 30 is recovering after the recent breakdown. It fell above level 34000. The long candlesticks’ tails were pointing to the support above level 34000. This indicates that the current price level is strong buying support.

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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.