DJI Daily Chart Analysis: Price Rejected at Mid-Band Resistance

• The price is below the middle line (likely a 20-day moving average) of the Bollinger Bands, which typically signals bearish momentum.
  
• Recent price action shows a lower high and a lower low pattern, indicating the continuation of a downtrend.
  
• The candlesticks are mostly red with increasing volume of selling pressure.
  
• Bands are widening, suggesting increased volatility.
  
• The price recently pierced the lower Bollinger Band, which often indicates a potential for short-term rebound—but in a strong downtrend, this could also mean acceleration to the downside.
  
• Key Support Zone : Around 38,000 to 38,500, where previous buying occurred in early April. If broken, further downside to 37,000 is likely.
  
• Key Resistance Zone : Near 40,500 to 41,000, aligning with the mid-Bollinger Band. This area has been tested and rejected multiple times.