US Wall Street Consolidates Above Level 30930 As It Resumes an Uptrend

Updated:


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

US Wall Street 30 (US30USD) Long-term Trends: Bearish
US Wall Street 30 retests the 21-day line SMA as it resumes an uptrend. The price is making a series of lower highs and lower lows. The bearish trend has made a lower high of level 31523. It is falling to make a lower low. The selling pressure will resume if the bears break the current lower low. The market will resume upward if the current support holds.

US Wall Street Consolidates Above Level 30930 As It Resumes an Uptrend
US30USD – Daily Chart

US Wall Street 30 Daily Chart Indicators Reading:
The index has fallen to level 44 of the Relative Strength Index for period 14. The market is in the bearish trend zone and may decline. The 21-day SMA and the 50-day SMA are sloping southward indicating a downtrend.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, US30USD is in a sideways move below level 31900. The bulls retested the recent high but were repelled. The index price has fallen between the moving averages indicating a range-bound move of the index.

US Wall Street Consolidates Above Level 30930 As It Resumes an Uptrend
US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is below the 20% range of the daily stochastic. The market has fallen to the oversold region of the market. Buyers will emerge in the oversold region to push the index upward. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for US Wall Street 30 (US30USD)
US Wall Street 30 selling pressure has subsided as it resumes an uptrend. The index is facing rejection at level 31900.


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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.