US Wall Street Is in a Downward Correction as It Rebounds Above Level 30177

Updated:

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

US Wall Street 30 (US30USD) Long-term Trends: Bearish
US30USD has resumed selling pressure as it rebounds above level 30177. The index plunged to the low of level 30136 and resumed consolidation above it. The current decline has pushed the index to the oversold region of the market. The bears and the bulls are contesting the price level above level 30000. A break above this level will cause the index to further decline.

US Wall Street Is in a Downward Correction as It Rebounds Above Level 30177
US30USD – Daily Chart

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

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, US30USD is in a downward move. It is making an upward move as it broke above the 21-day line SMA but below the 50-day line SMA. US30USD will fluctuates between the moving averages if the index finds support above it.

US Wall Street Is in a Downward Correction as It Rebounds Above Level 30177
US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is above the 50% range of the daily stochastic. The market is in a bullish momentum. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for US Wall Street 30 (US30USD)
US Wall Street 30 is in a downward correction as it rebounds above level 30177. The index will regain bullish momentum if the bulls break above the moving averages.


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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.