DJ30 is flooring around the support region, which is in confluence with the weekly and daily level at the price level of 33650. At this level, we will wait for the price action to form bullish and then continue moving up. The trend is bearish and the structure is also formed with the lower lows and lower highs. We are just going to take the counter trend trade for the retracement level.

There is no trendline or retracement confirmation on this setup as the bearish dip was really solid and the market is under pressure of the bearish slip.

The EMA 50 is also bearish and the retest and the EMA 50 retest can be our profit target. But as the EMA 50 is curved really down, I do not anticipate the retest at the resistance level.

RSI is at 32, which is a little above the 25 of over sold level. We will wait for the formation of bullish divergence at the over sold region which will align with the technical analysis.

DJ30 on a major weekly level

Sep 27 2023