DJ30 is already bearish as you can ascenrtain from the bearish trend and momentum. The structure is bearish as well with the lower lows and lower highs being formed. We haven't reached our levels for sell which are located at the resistance level of price 33300. This will be our level once the market prints the bearish price action such as bearish engulfing or a pinbar. 

The descending trendline might be broken out for buys once the market starts to travel to our resistance level. But that does not mean the trend is bullish now until the structure is broken up.

The retracement level of the zone 50-61.8% is in confluence with the resistance level. 

EMA 50 is also bearish at the moment and the market needs to jolt down towards the bearish side. It may not test the level of resistance for the confluence. Just that the curve is steeply bended downwards, depicts the strong bearish trend.

RSI is at 31. It needs to be neutralized at the level of 50 in order to align with the technical factors of the chart.

We are friends with the trend on DJ30

Oct 04 2023

Stop Loss -0.64%

Holding time 3hr

33312.12

Entry price

33525.87

Stop loss price