US Wall Street Reaches the Overbought Region as It Fluctuates Below 32005.50

Updated:

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

US Wall Street 30 (US30USD) Long-term Trends: Bullish
US Wall Street 30 is in an uptrend as it fluctuates below 32005.50. The index has risen to the high of level 31867.50 on July 19. For the past 48 hours, the upward move has stalled as the index resumed fluctuation below the recent high. From every indication, if the bulls succeed in breaking the recent high, the market will rise to the high of 33277. On the downsides, if it retraces below the moving average lines, the index will resume selling pressure.

US Wall Street Reaches the Overbought Region as It Fluctuates Below 32005.50
US30USD – Daily Chart

US Wall Street 30 Daily Chart Indicators Reading:
US30USD is at level 57 of the Relative Strength Index for period 14. It indicates that the index is in the uptrend zone and may further rise to the upside. The index’s price is above the moving averages lines indicating a possible 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 an uptrend as the price breaks above the moving average. The current uptrend will be short-lived as the reaches the overbought region. Meanwhile, on July 18 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that US30USD will rise at level 1.618 Fibonacci extension or 32354.40.

US Wall Street Reaches the Overbought Region as It Fluctuates Below 32005.50
US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. It indicates that the market has reached the overbought region. The uptrend has reached bullish exhaustion. 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 uptrend as it fluctuates below 32005.50. The uptrend will continue if price remains above the moving average lines. The current trend will reached the high of level 32354.40.

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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.