US Wall Street 30 (US30USD) Is Strongly Facing Rejection at 24000

US Wall Street 30 (US30USD) Is Strongly Facing Rejection at 24000

Key Resistance Zones: 28500, 29000, 29500
Key Support Zones: 26000, 25500, 25000

US Wall Street 30 (US30USD) Long-term Trends: Bullish
US30USD index is still battling the resistance at 24000. The resistance was partially broken on April 17 but sellers emerge to push price downward. Since April 9, the bulls have been making concerted efforts to break the overhead resistance. Today, the bulls are making another upward move to retest the 24000 resistance. The index will move up to level 26000 if the 24000 resistance is breached. Conversely, if the bulls fail to breach the resistance, the market will fall and the index will continue its fluctuation below the resistance.

US30USD – Daily Chart

Daily Chart Indicators Reading:
The market is presently at level 53 of the Relative Strength Index period 14. The price is in an uptrend zone and it is above the centerline 50. The moving averages are sloping upward indicating an uptrend.

US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, the index is in an upward move. However, as the market was resisted at 24000 resistance, the uptrend was interrupted as price resumed a sideways move below the resistance. Since April 7, the bulls have retested the resistance on more than four occasions without breaking it. The market is making an upward move to retest the resistance.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is above 50 % range of the daily stochastic. The price is in a bullish momentum. The 21-day and 50-day moving averages are still sloping upward indicating the uptrend.

General Outlook for US Wall Street 30 (US30USD)
US30USD index is still trading below level 24000 resistances. The bulls have made partial breakout but could not sustain the upward move. A rebound above 21-day SMA is possible for the price to break through the 24000 resistance.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.