US Wall Street 30(US30USD) Faces Rejection at Level 35200, Downtrend Likely

Key Resistance Zones: 34000, 34500, 35000
Key Support Zones: 27000, 26500, 26000

US Wall Street 30 (US30USD) Long-term Trend: Ranging
Since July 20, US Wall Street 30 has been in an upward move. It is facing rejection at a recent high. Today, the index is declining as it faces resistance at the high of level 35200. Buyers are yet to break the overhead resistance of level 35200. The current downtrend is likely to extend to the low of level 3400.

Daily Chart Indicators Reading:
US Wall Street 30 is at level 56 of the Relative Strength Index period 14. It indicates that the index is in the uptrend zone above the centerline 50. The 21-day and 50 –day SMAs are sloping upward indicating the uptrend. The price bars are above the moving which suggests a further upward movement of the index.

US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, the index is falling as a result of rejection at the recent high.US Wall Street is likely to decline on the downside. Meanwhile, on July 27 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the market will fall to level 2.0 Fibonacci extension or level 34649.70.

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 falling on the downside. The market is likely to retrace to the low of level 34000. The index is facing rejection at level 35200 overhead resistance.


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