Dow Jones: Looking for additional momentum to resume the rise 2/8/2022

The Dow Jones Industrial Average continued its exceptional gains during the previous session, heading to touch our first waited target during the last technical report, at the price of 32,885, succeeding in recording its highest level at 32,934.

Technically, and by looking at the 60-minute chart, we find that the 14-day momentum indicator continues to receive positive signs, in addition to stochastic’s attempts to eliminate the intraday negativity.

From here, daily trading is above 32,600, and most importantly 32,550; the bullish trend remains the most likely today, provided that we witness the breach of 32,670 to enhance the chances of rising again towards 32,885. Breaking it will extend the gains of the index so that we are waiting for 33,075 next station that may extend its upward targets later towards 32,175 as long as the price is stable above 32,550.

The return of trading stability below the support mentioned above invalidates the proposed scenario, and we are witnessing negative pressure targeting retesting 32,400 initially.

Note: the level of risk is high.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 32545	R1: 32885
S2: 32400	R2: 33075
S3: 32210	R3: 33215