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 36275 for shorts.

The descending trendline has been printed as a pinbar for rejecting the resistance level and continuing moving down. I would anticipate another rejection from the trendline.

The EMA 50 will act as our profit target towards as its still bullish.

RSI is at 63. Its near the over sold region where the market can form a bearish divergence along with the technical factors of the push down.

Retake shorts from the resistance level of 36275

Dec 05 2023