Dow Jones is based on support 8/9/2022

The support levels published during the last analysis, at the price of 31,000, temporarily stopped the bearish trend and forced the Dow Jones Industrial Average to trade positively, recording its highest level at 31641.

Technically, on the short time intervals, we find the 50-day simple moving average, which returned to hold the price from below, accompanied by the RSI attempts to stabilize above the 50 mid-line.

With the price of the index temporarily stable above 31,300, we may witness a bullish bias during today’s session, as long as the breach of 31,600 is a motivating factor that enhances the chances of the index rising towards 31,720 and 31,820, respectively, taking into consideration that the breach of 31,820 may help the index to form an upward attack towards 32,040 as long as the price is stable above 31,300.

Declining below 31,300 invalidates the activation of the temporary bullish scenario and leads the index to restore the general bearish trend with targets starting at 31,180 and may extend later to visit 31,000 and 30,960.

Note: The ECB rate decision, press conference, MPC statement, and Fed Chairman’s speech is due today; all could lead to price volatility.

Note: the risks are 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: 31180	R1: 31820
S2: 30770	R2: 32045
S3: 30540	R3: 32455