US Wall Street 30(US30USD) Breaks Level 35200 Overhead Resistance, Unable To Sustain the Bullish Momentum

Azeez Mustapha
18 August 2021 | Updated: 18 August 2021

Key Resistance Zones: 35000, 35500, 36000
Key Support Zones: 27000, 26500, 26000

US Wall Street 30 (US30USD) Long-term Trend: Bullish
US Wall Street 30 has been in an uptrend. The bulls have earlier broken above level 35200 overhead resistance to reach the high of level 35635.30. However, the index pulled back to level 35123.30. The market is resuming a fresh uptrend. Meanwhile, on the August 16 uptrend, a retraced candle body tested the 61.8%% Fibonacci retracement level. The retracement indicates that the market will rise to level 1.618 Fibonacci extension or level 36172.90.

US30USD – Daily Chart

US Wall Street 30 Daily Chart Indicators Reading:
The index is at level 67 of the Relative Strength Index period 14. It indicates that the index is approaching the overbought region. US30USD has not enough room to rally on the upside. The 21-day and 50 –day SMA are sloping upward indicating the uptrend.

US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, the index price is in an uptrend. However, it faces strong rejection at level 35600. US30USD plunged to level 35160 and resumed upward. Meanwhile, on the August 13 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the market will rise to level 1.618 Fibonacci extension or level 35934.30.

US30USD – 4 Hour Chart

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 upward indicating the uptrend.

General Outlook for US Wall Street 30 (US30USD)
US30USD is in an uptrend. Further upsides are possible. The price bars are above the moving averages suggesting that the index will rise. According to the Fibonacci tool, the market will rise to level 1.618 Fibonacci extension or level 36172.90.


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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.