09.08.2022
Chicago 12, Melborne City, USA
Business

US Wall Street 30 Is in an Uptrend but Struggles below Level 32800

Key Resistance Zones: 31500, 32000, 32500
Key Support Zones: 26000, 25500, 25000

US Wall Street 30 (US30USD) Long-term Trends: Bullish
US Wall Street 30 is in an uptrend but struggles below level 32800. Since July 29 uptrend, buyers could not sustain the price above level 32800 resistance. For the past week, the index has been fluctuating below the resistance level. Today, the market is declining after facing rejection at the recent high. The current decline is likely to be short-lived as it trades in the bullish trend zone.

US30USD – Daily Chart

Daily Chart Indicators Reading:
US30USD is at level 59 of the Relative Strength Index for period 14. The index is in a bullish trend zone and may further rise. The price bars are above the 21-day line SMA and the 50-day line SMA indicating a further upward move. The moving average is sloping upward indicating the uptrend.

US Wall Street 30 (US30USD) Medium-term Trend: Bullish
On the 4-hour chart, the index is in a sideways move. The earlier uptrend has subsided as the market reached the high of level 32800. The bulls failed to keep the price above the recent high, hence the downtrend.

US Wall Street 30 Is in an Uptrend but Struggles below Level 32800
US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is below the 20% range of the daily stochastic. It implies that the market has fallen to the oversold region of the market. The selling pressure has reached bearish exhaustion. The 21-day line SMA and the 50-day line SMA are sloping upward indicating a further upward move.

General Outlook for US Wall Street 30 (US30USD)
US30USD has retraced to the oversold region of the market but struggles below the level of 32800. Buyers will emerge to push prices upwards. The index will resume upward if the price breaks above the level of 32800

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