DJ30 serial dive from 34050
Vasl Capital
DJ30·
Jun 22 2023
Stop Loss -0.50%
Holding time 20hr
34059.02
Entry price
34229.32
Stop loss price
DJ30 is in an uptrend but has tapped the major resistance of the higher time frames. Market will slip off from here due to the fact of higher time frame resistance factor. It should be noted that the trend is still bullish and market has formed the higher highs and higher lows. This trade would only count for the retracement. We will wait for a slight retest at the minor resistance and then take a short position.
The ascending trendline has broken out for sells but the structure is still sitting at support.
There is no retracement in thie setup.
EMA 50 is bearish now and we anticipate the market retesting the EMA 50 at the resistance level, which will form another bearish setup confluence.
RSI is at 31. It needs to fall back in to the neutralized zone in order for the market to monetize on the technical factors of being aligned together.
CONCLUSION: BEARISH