DJ30 has had its good share of the mark up with the strong bullish momentum and the continuation towards the upper side. That being said, there is a corrective move pending which needs to be corrected from the resistance level and then continue moving down towards the nearest support level. This support level will be our profit target. The price I am looking at is 35650 for shorts.

The market is in an ascending channel which has tapped the upper trendline and has yet to retest or break the lower trendline for the continuation towards the lower side.

The EMA 50 will act as our profit target towards the lower bearish side.

RSI is at 76. Its near the over sold region where the market can form a bearish divergence along with the technical factors of the push down.

DJ30 at a weekly resistance level

Nov 30 2023

Stop Loss -0.51%

Holding time 5hr

35608.59

Entry price

35789.34

Stop loss price