US30 downwards
Vasl Capital
DJ30·
Jan 13 2023
The resistance level of US30 is at 33450, which is the H4 resistance level, a strong one indeed. It should be noted that the market is still bullish with the formations of higher highs and higher lows. We are just undertaking the corrective move on this bullish trend which can give us roughly 100-150 points on the pair. This is a counter trend trade.
The ascending trendline is in formation but is far away from the current prices, hence making it far fetched retest or breakout target for the market.
The retracement level of 75% is in confluence with the resistance level, which will give it a solid correction if the bullish pressure resides.
The EMA 50 is still super bullish the curve steep upwards. It has the same dillema as with the trendline given the fact, its still far fetched from the current market prices.
RSI is at 69 It needs to fall into the over bought region in order to form some kind of divergence in accordance with the technical analysis.
CONCLUSION: BEARISH