US30 took a massive surge in the NYSE session on 23rd january. It has broken the strong resistance level which was the indicative of the trend setting. Now, market is at another solid resistance from where we can anticipate another leg bearish. We are looking at the bearish setup on US30. Market has formed lower lows and lower highs on the h4 and daily. We need to assess what evidence market will give us on the resistance level so we can take a short position.

The ascending trendline is due for the breakout sell, after which, we can be confident in the pair dropping down. Despite this, there is no current trendline indication.

The retracement level of 78.6% is in confluence with the resistance level. This confluence will make the market more solid for the shorts.

EMA 50 has just broken out for sells and has been retested at the resistance level, giving us another probable clue for the bearish impulse.

RSI is at 53. We want to see the RSI elevate at the over bought region so that a bearish divergence can be formed along with other tehcnical measure. 

US30 seems bearish

Jan 24 2023