Are we going to see selling coming in the Index in the coming days?

The Index has formed a Double Top at resistance zone and a breakout is seen from the pattern. The Index was not able to sustain above the 50day EMA, the Index closed above the 50 day EMA twice but sellers came in action the second day itself. Currently the Index is trading near the 200 day EMA. The Index has been respecting the 200day EMA from a long period, index closing below the 200 day EMA would be an indication of a negative trend in the index. 2days of closing below 200day EMA can confirm a sell view.

At the Resistance Zone the Index formed a Engulfing candlestick pattern which indicated a change in trend.

Momentum below 0 and the Index below the 200day EMA will be another confirmation for sell.

RSI trades below 38 can be a good sign to enter, if the RSI is at 18 ignore going short.

Advice : If the following conditions are fulfilled, Sell Index.

DJ30

Feb 14 2022