US Wall Street 30 (US30USD) Retraces After Rejection From Level 31650

US Wall Street 30 (US30USD) Retraces After Rejection From Level 31650

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 an uptrend. The uptrend is being interrupted at level 31600. The index is presently retracing from the recent high. The price is now testing the 21-day SMA. The upward move will resume if price finds support above the 21-day SMA.

US30USD -Daily Chart

Daily Chart Indicators Reading:
The 21-day and the 50-day SMA are sloping upward. The index has risen to level 53 of the Relative Strength period 14. The price is in an uptrend zone and it is above 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 February 23 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the index is likely to fall to level 2.0 Fibonacci extension or the low of 31161.60. The price action has confirmed this level and it is pulling back price. The uptrend is likely to resume.

US30USD – 1 Hour Chart

4-hour Chart Indicators Reading
US30USD is above the 20 % range of the daily stochastic. This indicates that the market is in a bullish momentum. The SMAs are sloping downward indicating the downtrend.

General Outlook for US Wall Street 30 (US30USD)
US30USD index has been retracing. It has retraced to level 2.0 Fibonacci level and pulled back. From the price action, the index is likely to move up.

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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.