US Wall Street 30 (US30USD) In a Sideways Move below Level 35200 Overhead Resistance

US Wall Street 30 (US30USD) In a Sideways Move below Level 35200 Overhead Resistance

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

US Wall Street 30 (US30USD) Long-term Trend: Ranging
US Wall Street 30 has been in a sideways trend since May. For the past three months, the index has been in a sideways trend below level 35200. On July 16, US30USD was repelled at the resistance zone as the market dropped to level 33900. The index is rising to retest the 35200 overhead resistance.

US30USD – Daily Chart

Daily Chart Indicators Reading:
US Wall Street 30 is at level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 21-day and 50 –day SMAs are sloping upward indicating the uptrend. The price bars are below the moving which suggests a further upward movement of the index.

US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, the index is in an uptrend. On July 16, the upward move was repelled as price plunged to the previous low. Meanwhile, on July 9 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the market will rise but reverse at level 1.272 Fibonacci extension or level 35149.30. From the price action, the index has reversed and plunged to the previous low.

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 upward indicating the uptrend.

General Outlook for US Wall Street 30 (US30USD)
US30USD is in a sideways trend. The earlier uptrend has been terminated as the index resumed sideways move below the resistance. The uptrend will resume if the level 35200 resistance is breached.


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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.