US Wall Street 30 (US30USD) Risks Further Selling Pressure, Faces Rejection at 35140

Key Resistance Zones: 35000, 35500, 36000
Key Support Zones: 27000, 26500, 26000

US Wall Street 30 (US30USD) Long-term Trend: Ranging
Since August 16, US30USD has been in a downward correction. The current downtrend has reached bearish exhaustion. The index fell to level 34905 and resumed upward. The index found support above the 50-day SMA. If the index rises and breaks above the 21-day SMA, the uptrend will resume. The market will rise to retest level 35600 high.

US Wall Street 30 Daily Chart Indicators Reading:
The index is at level 46 of the Relative Strength Index period 14. It indicates that it is in the bearish trend zone and capable of falling on the downside. The 21-day and 50 –day SMAs are sloping upward indicating the uptrend.

US Wall Street 30 (US30USD) Medium-term Trend: Ranging
On the 4-hour chart, the index price is in a sideways trend below level 35500. The bearish trend has been exhausted as bulls buy the dips since August 8. US Wall Street 30 is rising on the upside. From the price action, the index retested level 2.618 Fibonacci extension at level 34905 before upward resumption.

4-hour Chart Indicators Reading
The index is below the 20% range of the daily stochastic. This implies that the market is in a bearish momentum and it has reached the oversold region of the market. The bearish momentum is likely to be exhausted giving way to the emergence of buyers. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.

General Outlook for US Wall Street 30 (US30USD)
US Wall Street 30 is rising but it is trading marginally. The index is currently facing rejection at level 35140. The bulls have failed to break above the recent high. The downtrend will resume if the bears break below level 34945.


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