The DJ30 had given a flag and pole breakout on the upside and has not been able to give a return of 10% and has rettrace near the breakout level. The selling pressure in the Index has been strong. At higher near the resistance the harami candlestick pattern had been formed which indicates a short term change in trend, after that the index has corrected 1600 points approx. Last closing was intense in the Index. It has engulfed the last 3candles and previous consolidated price action indicating sellers are aggressive at current level and buyers are not interested to buy at current level.

The Index is trading below both the EMA indicating a negative trend.

Strong Selling Pressure

Aug 28 2022