US Wall Street 30(US30USD) Holds Above Level 36065, May Revisit Previous Highs

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

US Wall Street 30 (US30USD) Long-term Trend: Bullish
US30USD is above the moving averages. This indicates that the index has a chance of a further upward move. For the past four days, buyers are attempting to push the index to the previous high. In the previous price action, the uptrend was terminated at level 36500. The index declined to the low of level 35926 as bulls bought the dips. A new uptrend is initiated to revisit the previous high. A break above the $36,500 will catapult the index to rally to level 37000. Meanwhile, on November 8 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that US30USD will rise but will reverse at level 1.272 Fibonacci extension or level 37206.30.

US Wall Street 30 Daily Chart Indicators Reading:
US30USD has fallen to level 61 of the Relative Strength Index period 14. The index is in the uptrend zone and capable of a further upward move. The 21-day and 50 –day SMAs are sloping upward indicating the uptrend. The 21-day moving average is acting as support to the price level.

US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, the index is in an upward move. US Wall Street 30 is still facing rejection at level 36500. Meanwhile, on November 15 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates the index will rise to level 2.0 Fibonacci extension or level 36579.80.

4-hour Chart Indicators Reading
US30USD is below the 40% range of the daily stochastic. The market is in a bearish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for US Wall Street 30 (US30USD)
US Wall Street 30 is in an upward move. The uptrend is facing rejection at level 36500. The upward move is likely to resume as the index trades above the moving averages.


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