US Wall Street Is in an Uptrend but May Face Rejection at Level 32000

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 is in a downtrend as it may face rejection at level 32000. In the first uptrend, the index was repelled at level 32000 resistance zone. It fell to level 30432 to resume upward which has broken above the 21-day line SMA. On the upside, if price breaks above level 32000 resistance level or the 50-day line SMA, the market will rally to level 33472. In the meantime, US30USD is trading at level 31200.80 at the time of writing.

US Wall Street Is in an Uptrend but May Face Rejection at Level 32000
US30USD – Daily Chart

US Wall Street 30 Daily Chart Indicators Reading:
The index has fallen to level 49 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The index’s price is between the moving averages lines indicating a possible range-bound move. 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 an upward move as price breaks above the moving average lines. The current bullish move is approaching the overbought region of the market.

US Wall Street Is in an Uptrend but May Face Rejection at Level 32000
US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is above the 80% range of the daily stochastic. The market has reached the overbought region of the market. The upward move is likely to face rejection at the recent high. 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 has resumed its uptrend but it may face rejection at level 32000. The current uptrend is approaching the overbought region of the market

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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.