Key Resistance Zones: 35000, 35500, 36000
Key Support Zones: 27000, 26500, 26000
US Wall Street 30 (US30USD) Long-term Trend: Bearish
US30USD is in a downward move as it targets level 29797. The index fell to the low of level 31218.80 on May 12. On May 13, the index corrected upward which was repelled at the recent high. The selling pressure has resumed as the index approaches the current support. Meanwhile, on May 2 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the index will fall to level 2.0 Fibonacci extension or level 32596.60.
US Wall Street 30 Daily Chart Indicators Reading:
The index has fallen to level 39 of the Relative Strength Index for period 14. The index has been trading in the downtrend zone as the market resumes selling pressure to the downside. The 21-day SMA and the 50-day SMA are sloping downward indicating a downtrend.
US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, the US30USD is in a downward move. The index’s price is making a series of lower highs and lower lows. US30USD makes an upward correction as price breaks above the moving averages. The upward correction has been repelled t 32700 as the index resumes a downward move.
4-hour Chart Indicators Reading
US30USD is below the 50% range of the daily stochastic. The market has resumed bearish 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 has been in a downward correction as it targets level 29797 .. The upward correction has been terminated at level 32695 as the market resumes downward.
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