DJ30 is reaching the resistance level priced at 38800. From here, we will be shorting the market towards the first support level in continuation of the newly formed trend. It should be noted that the H4 candle was a bearish engulfing which means, there is a high chance for the market to continue down. At this level of resistance, the market will be forming a triple top which indicates a reversal.

The ascending trendline has broken out for sells and the market has validated the breakout. On the lower time frame another breakout sell if formed, we will take the short.

There is no retracement level in this case.

EMA 50 recently pierced the price action towards the bearish side which means the market has now turned bearish.

RSI is at 43. It needs to be neutralized at the level of 50 or towards the over bought region where we can see a bearish divergence formation.

DJ30 triple top formation

Feb 20 2024

Stop Loss -0.48%

Holding time 6hr

38781.63

Entry price

38968.73

Stop loss price