US Wall Street 30 (US30USD) Retraces but Finds Support Above Level 32500


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

US Wall Street 30 (US30USD) Long-term Trend: Bullish
The index is in an uptrend. On March 18, it rose to level 33200 but was resisted. US30USD fell to level 32517 and resumed a range-bound movement. Meanwhile, on March 19 a retraced candle body tested the 78.6% Fibonacci retracement level. With this retracement, US30USD is likely to rise to level 1.272 Fibonacci extension but will reverse. That is the high of level 33961.80.

US30USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day and the 50-day SMA are sloping upward. The index has risen to level 60 of the Relative Strength period 14. It is in an uptrend zone and expected to rally on the upside.

US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, the index was initially in a downward move. US30USD retested the resistance at level 33200 twice thereby forming a bearish double top. It resulted in the downward movement of the index. On March 23, a retraced candle body tested the 50% Fibonacci retracement level. This implies that US30USD is likely to rise to level 2.0 Fibonacci extension or level 33199.70.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is above the 40% range of the daily stochastic. The index has resumed bullish momentum. The SMAs are sloping upward indicating the uptrend.

General Outlook for US Wall Street 30 (US30USD)
US30USD is in an uptrend but presently faces resistance at level 33200. The upward move will resume when the recent high is breached. Otherwise, US30USD will be trading below level 33200.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.