DJ30 is at the resistance level on the bullish trend. This pair needs to retrace towards the support level in order to continue moving bullish. Till it reaches the support level, we are looking for intraday shorts till the price of 33250, which is almost 250 points below our entry point. 

The descending trendline has broken out for buys but the market needs to change the structure in order for the trendline to be confirmed, which it has done. As for the ascending trendline, the market has no drawing on the pair. The pair will continue moving up after the retracement. 

The retracement level of 62% is in confluence with the resistance level. This needs to be respected in order for the market to continue retracing towards the bearish side.

The EMA 50 is super bullish and has a steep upwards curve. We can take our profit at the EMA 50 retest level. 

RSI is at 67. We will wait for the market to dwell into the over bought region where the market can form a bearish divergence for the market along with the resistance level being aligned.

DJ30 shorts from 33500

Mar 07 2023

Pending

Published 25d ago

33357.60

Current price

33483.33

Entry price