US Wall Street Is in a Range as It Battles to Break Resistance at 33475

Updated:

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

US Wall Street 30 (US30USD) Long-term Trends: Bearish
US30USD has been in a downward correction as it battles to break  resistance at 33475. Since May 27, the index has been fluctuating between 21-day SMA and 50-day SMA. For the past week, the bulls failed to keep the price above the 50-day SMA. A break above the 50-day SMA will signal the resumption of the uptrend. The selling pressure will resume if the bears break below the 21-day SMA support. The index is trading at level 32922.90 at the time of writing.

US Wall Street Is in a Range as It Battles to Break Resistance at 33475
US30USD – Daily Chart

US Wall Street 30 Daily Chart Indicators Reading:
The index has fallen to level 50 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The 21-day SMA and the 50-day SMA are sloping southward indicating a downtrend.

US Wall Street 30 (US30USD) Medium-term Trend: Ranging
On the 4-hour chart, US30USD is in an upward move. The uptrend was repelled as the index resumed a sideways move. The index is fluctuating between level 32581 and 33600 price levels. The 21-day line SMA and the 50-day SMA are sloping horizontally indicating a sideways trend.

US Wall Street Is in a Range as It Battles to Break Resistance at 33475
US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is below the 80% range of the daily stochastic. The market is in a bearish momentum. 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 is in an upward correction as the index battle to break resistance at 33475. The uptrend will resume if price breaks above the 50-day SMA.


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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.