US Wall Street 30(US30USD) Struggles Below Level 35200, Uptrend Unlikely

Azeez Mustapha
3 August 2021 | Updated: 3 August 2021

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 is in a sideways move below level 35200. Since July 26, the index has been fluctuating below the overhead resistance. The overhead resistance has not been broken since May 10. Meanwhile, on July 31, 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 35508.40.

US30USD – Daily Chart

US Wall Street 30 Daily Chart Indicators Reading:
The index is at level 55 of the Relative Strength Index period 14. It indicates that the index is in the uptrend zone above the centerline 50. The 21-day and 50 –day SMA are sloping upward indicating the uptrend. The price bars are above the moving averages which suggest a further upward movement of the index.

US Wall Street 30 (US30USD) Medium-term Trend: Ranging
On the 4-hour chart, the index is in a range bound move below the overhead resistance. The index is fluctuating between levels 34400 and 35200. The uptrend will resume if price breaks above the overhead resistance. The price action is characterized by small body indecisive candlesticks called Doji and Spinning tops.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is above the 50% range of the daily stochastic. It indicates that the market is in a bullish momentum. 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. The index is fluctuating between levels 34400 and 35200 price levels. According to the Fibonacci tool, the market will rise but reverse at level 1.272 Fibonacci extension or level 35508.40.

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Azeez Mustapha

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.