US Wall Street Recovers above Level 30630 but Battles Level 33472

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 downtrend but battles level 33472. The selling pressure has subsided as price breaks above the moving averages. The index broke above the 21-day line SMA but failed to break the 50-day line SMA. The uptrend will resume if price breaks above the 50-day line SMA Meanwhile, on May 27 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the index will fall to level 1.618 Fibonacci extension or level 34972.20.

US Wall Street Recovers above Level 30630 but Battles Level 33472
US30USD – Daily Chart

US Wall Street 30 Daily Chart Indicators Reading:
The index has fallen to level 52 of the Relative Strength Index for period 14. It indicates that the market is in the uptrend zone and capable of a further upward move. The 21-day SMA and the 50-day SMA are sloping horizontally indicating a sideways trend.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, US30USD is in an upward move. The bulls have broken above the moving averages. The uptrend has been terminated as price breaks below the trend line. US30USD is below the 21-day line SMA but above the 50-day SMA.

US Wall Street Recovers above Level 30630 but Battles Level 33472
US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is above the 40% range of the daily stochastic. The market is in a bullish 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 still in a downward correction but battles level 33472. On the daily chart, the uptrend will resume if price breaks 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.