US Wall Street 30(US30USD) Rebounds above Level 35080, Faces Rejection at Level 35300

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

US Wall Street 30 (US30USD) Long-term Trend: Ranging
US Wall Street 30 has been in an upward move. However, Since May 10, the index has been in a sideways trend. The price has been stuck below level 35200. The uptrend will resume if price breaks the overhead resistance. Meanwhile, on August 10, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the market will rise but reverse at level 1.272 Fibonacci extension or level 35609.60.

US Wall Street 30 Daily Chart Indicators Reading:
The index is at level 58 of the Relative Strength Index period 14. It indicates that the index is still in the uptrend zone and above the centerline 50. The index price is above the moving averages which suggests that the market will continue to rise. The 21-day and 50 –day SMA are sloping upward indicating the uptrend.

US Wall Street 30 (US30USD) Medium-term Trend: Ranging
On the 4-hour chart, the index price is breaking level 35200. The market will rise if the bullish momentum is sustained above the overhead resistance. Meanwhile, on August 8, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the market will rise to level 2.0 Fibonacci extension or level 35691.20.

4-hour Chart Indicators Reading
US30USD is above the 80% range of the daily stochastic. It indicates that the market has reached the overbought region. The bullish pressure is likely to subside. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for US Wall Street 30 (US30USD)
US30USD is in a sideways trend but the bulls are attempting to break the overhead resistance. Since May, buyers have made several attempts to break level 35200 but to no avail. The Fibonacci tool has indicated that the index will rise but reverse at level 1.272 Fibonacci extension or level 35609.60.


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