US Wall Street 30(US30USD) Reaches an Overbought Region, May Decline

Updated:

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

US Wall Street 30 (US30USD) Long-term Trend: Bullish
Since December 2, US30USD has begun the resumption of an upward move. The index rose from the low of level 34100 to reach the high of 35803. Buyers are expected to push the index to the high of level 36300. In the previous price action, buyers were repelled at level 36300. Today, if buyers breach the overhead resistance, the uptrend will resume.

US30USD – Daily Chart

US Wall Street 30 Daily Chart Indicators Reading:
US30USD is at level 54 of the Relative Strength Index for period 14. The index is in the bullish trend zone and it is above the centerline 50. The price bars are above the moving averages indicating that the prices are likely to rise. The 21-day and 50 –day SMAs are sloping upward indicating the uptrend.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, the index is in a smooth uptrend. The price is making a series of higher highs and higher lows. The current uptrend is facing resistance at the recent high. The index has reached an overbought region of the market.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD has risen above the 80% area of the daily stochastic. The market has reached the overbought region of the market. It has been overbought since December 6. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. The index has a bullish crossover. The 21-day SMA crosses above the 50-day SMA indicating a buy order.


General Outlook for US Wall Street 30 (US30USD)
US Wall Street 30 has regained bullish momentum. The upward move is facing resistance at the recent high. The market has reached the overbought region. There is a possibility of a decline on the downside.


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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.