US Wall Street 30 (US30USD) Struggles Below Level 34500, May Resume Uptrend

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

US Wall Street 30 (US30USD) Long-term Trend: Bullish
US30USD is in an upward move. The uptrend is facing resistance at level 34500. Since May 28, the upward move has been resisted. The index is now trading below the recent high. Meanwhile, on May 17 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the index is likely to rise to level 2.0 Fibonacci extension or level 35610.30.

Daily Chart Indicators Reading:
The index has risen to level 58 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. The index price is above SMAs which suggests a further upward move.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, the index is ranging below the recent high. On June 1 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that US Wall St will rise to level 1.272 Fibonacci extension level or level 34419.50.

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 horizontally indicating the sideways trend.

General Outlook for US Wall Street 30 (US30USD)
US30USD is in a sideways move. Presently, the market is in a bullish momentum. The index will rise if the resistance at levels 34500 and 35000 are breached. The uptrend will resume if these levels are breached.


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