US Wall Street 30(US30USD) Reaches an Oversold Region, May Resume Uptrend

Updated:

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

US Wall Street 30 (US30USD) Long-term Trend: Bearish
US30USD is in a downward move as price breaks below level 34429. The price corrected upward but faces rejection at the 50-day line SMA. The index is consolidating above level 34400 for a possible upward move. If the current support holds, the market will resume an uptrend. Buyers will have to keep the index above level 35500 to be out of downward correction.

US30USD – Daily Chart

US Wall Street 30 Daily Chart Indicators Reading:
US30USD has fallen to level 36 of the Relative Strength Index period 14. Its index has fallen to the downtrend zone and it is approaching the oversold region. The 21-day and 50 –day SMAs are sloping downward indicating the downtrend. The index’s price is below the 21-day moving average and the 50-day line moving average which indicates a possible fall.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, the index is in a downward movement as it falls to the oversold region. Meanwhile, on November 23 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates the index will fall to level 2.0 Fibonacci extension or level 34579.10.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD has fallen the oversold region and it is above the 25% range of the daily stochastic. The market is in a bullish momentum. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

General Outlook for US Wall Street 30 (US30USD)
US Wall Street 30 has fallen to the oversold region. The downtrend has reached bearish exhaustion. Buyers are expected in the oversold region. If buyers pushed the index above level 36000, US Wall Street 30 will be out of downward correction.

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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.