US Wall Street 30 (US30USD) Slumps to Level 34084.80, Faces Rejection at Level 35000

US Wall Street 30 (US30USD) Slumps to Level 34084.80, Faces Rejection at Level 35000

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

US Wall Street 30 (US30USD) Long-term Trend: Bearish
US30USD is in a downward move and has fallen to the support of the 21-day SMA. The index faced rejection at the level 35000 resistance zone. Meanwhile, on April 16 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the index is likely to rise to level 1.272 Fibonacci extension or the high of level 34774.30. From the price action, the index has reversed from the 1.272 Fibonacci extension. It is expected to reach the low of 78.6% Fibonacci retracement level.

US30USD – Daily Chart

Daily Chart Indicators Reading:
The index has fallen to level 56 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.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, the index is in a downward move. The price has broken below the moving averages which suggest a further downward movement of prices.

US30USD -4 Hour Chart

4-hour Chart Indicators Reading
US30USD is below the 20% range of the daily stochastic. It indicates that the market is in a bearish momentum. The market has fallen into the oversold region of the market. 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 downward move. The index has fallen into the oversold region of the market. Buyers are expected to emerge in the oversold region to push the index upward.

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Author : Azeez Mustapha

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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.