US30 has been ranging earlier for a fraction of time to accumulate its liquidity to form a direction. That being said, we are currently in a range and the price action is printint bearish candles which can prove to be a diving force for the indice. We will be shorting the pair at the price of 34000 and continue it till the support. The current scenario is forming lower lows and lower highs on the pair which indicates a bearish bias.

The ascending trendline is on the verge of breaking out. Once broken out, we will have a confirmation for the bearish fuel to continue moving down. 

The retracement level of 61.8% is in confluence with the resistance level which provides us with a solid sell level.

EMA 50 is still bullish and the market may retest or tap the EMA 50 as a profit target.

RSI is at 55. It needs to hover towards the over bought region where a bearish divergence is formed and aligned with the technical factors.

Trendline breakout sell almost done on US30

Oct 18 2023