US Wall Street 30 (US30USD) Upward Move Faces Rejection at 24000

US Wall Street 30 (US30USD) Upward Move Faces Rejection at 24000

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

US Wall Street 30 (US30USD) Long-term Trends: Bearish
US30USD has continued its upward move but it is currently facing resistance at 24000. Since April 9, there is rejection near the resistance zone. Besides, there is the appearance of a shooting star candlestick signifying a bearish reversal. This indicates that while buyers are trying to push price upward they are being rejected by selling pressure. With this bearish signal, the market may fall at the 24000 resistance.

US30USD- Daily Chart

Daily Chart Indicators Reading:
The US30USD index is currently at level 52 of the Relative Strength Index period 14. The market is in an uptrend zone and it is above the centerline 50. It means that the index is likely to rise while in the bullish trend zone.

US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, the index is in an upward move. The bulls have broken the resistance line but are currently battling the resistance at 24000. Currently, US30USD is retracing after resistance at 24000. US30USD may likely retrace to the low of $23500 or 23000.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is above 80 % range of the daily stochastic. This indicates that the index is in the overbought region of the market. Sellers have already emerged to push prices downward. It is unclear the extent of the downward move. 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 currently facing resistance at 24000. A break out of the current resistance will catapult the index out of the downtrend zone. Presently, the index is retracing and may reach a low of 22500. Thereafter the upward move will resume.

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.