US Wall Street 30 (US30USD) Trades in the Overbought Region, Downtrend Likely

US Wall Street 30 (US30USD) Trades in the Overbought Region, Downtrend Likely

Key Resistance Zones: 33000, 33500, 34000
Key Support Zones: 26000, 25500, 25000

US Wall Street 30 (US30USD) Long-term Trend: Bullish
US Wall Street 30 is in an uptrend. The index has traded and reached the overbought region of the market. US30USD upward move is doubtful. The further upward move will face rejection at the recent high of level 32000.

US30USD -Daily Chart

Daily Chart Indicators Reading:
The 21-day and the 50-day SMA are sloping upward. The index has risen to level 58 of the Relative Strength period 14. The price is in an uptrend zone and it is above the centerline 50.

US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, the index is in an upward move. On March 1 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 32043.20 and reverse. From the price action, the market has attained the Fibonacci level. The index is likely to resume a downward movement.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is above the 80% range of the daily stochastic. This indicates that the market is in the overbought region of the market. The SMAs are sloping horizontally indicating the uptrend.

General Outlook for US Wall Street 30 (US30USD)
According to the daily stochastic, the US30USD index is in the overbought region of the market. Since February 24, the index has been facing rejection at level 32000. Today, the price is moving upward and may face rejection. The upward move will resume if the recent high 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.