Key Resistance Zones: 35000, 35500, 36000
Key Support Zones: 27000, 26500, 26000
US Wall Street 30 (US30USD) Long-term Trend: Bullish
US Wall Street 30 has been in an uptrend. The upward move has been stuck below level 35600 since August 17. Thereafter, the index fell to the low of level 34600. For the past week, the index has been struggling to resume upward. Presently, the uptrend is facing rejection at level 35400. The index is presently retracing for a possible resumption of an upward move.
US Wall Street 30 Daily Chart Indicators Reading:
The index is at level 56 of the Relative Strength Index period 14. It indicates that the market is in the bullish trend zone and capable of rising on the upside. The 21-day and 50 –day SMAs are sloping upward indicating the uptrend.
US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, the index price is in an uptrend. The uptrend is facing rejection at level 35400. The uptrend will resume if the bulls break the resistance at level 35400. Meanwhile, on the August 19 uptrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the market will rise to level 2.618 Fibonacci extension or level 35679.40.
4-hour Chart Indicators Reading
US30USD is below the 80% range of the daily stochastic. It indicates that the market is in a bearish momentum but the stochastic bands are making are sloping upward. 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. Buyers have an uphill task as they will have to break the resistance at levels 35400 and 35600 to continue the upward move. According to the Fibonacci tool, the index will rise to level 2.618 Fibonacci extension or level 35679.40.
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