DJ30 is retracing after forming and tapping its high towards the support level. This support level is priced at 38800, which is the premium level for the market to continue moving up after tapping. On all time frames, the market is on a higher high and higher low spectrum which indicates, that the market can continue moving up further.

The trendline has formed a bearish flag patter but the ascending trendline still needs to tap and be retested at the trendline in order to continue moving up.

There is no retracement level in this setup.

EMA 50 is also paving way at the support level where the confluence can be formed with the support and EMA 50 and also the ascending trendline.

RSI is at 46. It needs to dwell at the over sold region from where, the market can continue moving up in confluence with other factors.

DJ30 buys from 38800

Feb 27 2024