US Wall Street 30 (US30USD) Upward Move is Facing Resistance at 22576

US Wall Street 30 (US30USD) Upward Move is Facing Resistance at 22576

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

US Wall Street 30 (US30USD) Long-term Trends: Bullish
The index upward move is continuing as the price reaches a high of 22576. At the high of 22576, the market is facing some resistance. The current resistance has been tested by the bulls but it is yet to be broken. On the upside, if the bulls break the current resistance, the price will reach a high of 26000.

US30USD – Daily Chart

Daily Chart Indicators Reading:
The blue moving average is acting as a resistance to the index. US30USD is above 40% range of the daily stochastic. This indicates that the market is in a bullish momentum. The bulls are emerging from the oversold region as the market makes an upward move.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, US30USD is in a descending channel. The bulls broke and closed above the resistance line of the descending channel. The upward move is currently facing resistance at 22576. The bulls have made two unsuccessful attempts to break it. The US30USD is trading below the overhead resistance.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
The index is at level 56 of the Relative Strength Index period 14. This means that price is in the uptrend zone. The index is above the centerline 50. There is a bullish crossover as the 21-day SMA crosses over 50-day SMA.

General Outlook for US Wall Street 30 (US30USD)
US30USD index has a change in trend. The market is in an upward move but it is currently facing resistance at 22576. Each time the bulls are resisted, the market will fall to the support of the 21-day SMA. The index is in a  bullish momentum .

Instrument: US Wall Street 30 (US30USD)
Order: Buy
Entry price: 22402.10
Stop: 22350.10
Target: 22602.10

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.