US Wall Street 30 (US30USD) Uptrend May Continue Despite Recent Retracement

US Wall Street 30 (US30USD) Uptrend May Continue Despite Recent Retracement

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

US Wall Street 30 (US30USD) Long-term Trends: Bullish
US30USD has broken the resistance at 24000. The market is currently above 24000. Unfortunately, the index has reached the overbought region of the market. It appears the upward move may be interrupted as sellers may emerge to push prices downward. However, in some trending markets, the overbought or oversold conditions may not hold. On the downside, the market may drop. On the upside, the uptrend may be temporarily suspended.

US30USD – Daily Chart

Daily Chart Indicators Reading:
The price is presently at level 56 of the Relative Strength Index period 14. The market is in an uptrend zone and it is above the centerline 50. The upward move will resume after a retracement.

US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, the index is in an upward move. The price is making a series of higher highs and higher lows. After breaking the resistance at 24000, the market is retracing back to the support at 24000. The price has retraced but the index is making an upward move after the resistance.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is above 80 % range of the daily stochastic. Sellers have already emerged, the market is moving upward to retest the resistance level. The 21-day and 50-day moving averages are still sloping upward indicating the uptrend. On the downside, if the bears break below the trend line, price will fall.

General Outlook for US Wall Street 30 (US30USD)
US30USD index has broken the 24000 resistance. Possibly a rebound is likely to push US30USD out of the current resistance. The RSI and stochastic indicators are given bullish signals. A break out of the current signals will push price to reach 27000.

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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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.