DJ30 is in a down trend with the formation of lower lows and lower highs. This means as the market is retesting the resistance level, it will form another mark down towards the 34900 which is the support level. The market has broken the support structure and the market needs to fall further down.

The ascending trendline has broken out for sells and on the descending trendline, it has been retested at the trendline. This rejection will push the market down further.

The retracement level is at 38% which is confluence with the resistance level. 

EMA 50 is also bearish and there is a slight chance for the market to retest at the resistance level in accordance with the resistance and form a confluence.

RSI is at 44. It needs to neutralize itself at the 50 level in order to continue moving down towards the over sold region.

DJ30 sells from 35370

Aug 16 2023