US30 : Intraweek Technical Analysis

The US30 took support from 31000 after three weeks of downward spree triggered by the Fed powell’s speech at Jackson hole symposium in which he announced that coping with inflation is his top priority ,which signaled a hawkish policy for coming months. The US30 met its initial rejection at 32200 which is the trendline resistance .On daily time frame we are looking at a further upside rally if there is a daily closure above 32400. The US30 is overbought at all time frames less than one day which indicates a short term correction in which the support will be tested. The nearest supports for next week are 31800 31600 and 31200. My idea is that the US30 will take a pivot move on 13th of December after the CPI and Inflation data is announced. My target for coming week is to go short for intraweek positions with target of 31600 and 31200.
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