US30 in its entirety is in a bullish trend with the formation of higher highs and higher lows being formed. The market had to stall at some point once it touches the major resistance. That resistance level is at 33350. This is a risky short which we are going to take for the retracement towards the support level at 33520. 

The trendlines are denoting mixed signals on the bearish and bullish side. The ascending trendline is still on the verge of breaking out where as the descending trendline still needs a retest at the current market space in order to reject and then continue moving down.

The EMA 50 is our profit target level once it retests it. It might be around 300 pips below the current market price.

RSI is at 58. Once it starts to decline below the 50 level, our shorts will align with the sentiment of the bearish trend or retracement.

Risky shorts for daredevils on US30

Jun 08 2023