Dow Jones looking for momentum 7/11/2022

Positive trading dominated the movements of the Dow Jones Industrial Average last Friday on Wall Street after the US jobs data reached its highest level at 32,610.

Technically, we tend to be positive but cautiously, relying on the positive motive of the 50-day simple moving average, which is accompanied by the RSI’s attempts to gain positive momentum and the stochastic attempts to get rid of the current negativity.

With daily trading remaining above the support floor of 32,060, the bullish bias is most likely during the day, provided that we witness the breach of 32,390, targeting 32,705, and we are only satisfied with this target due to the high level of risks.

Stability above 32,060 is a prerequisite to continue rising, and declining below it can thwart the bullish scenario. We are witnessing a negative trading session whose first objective is to retest 31,960.

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: 31960	R1: 32705
S2: 31530	R2: 33035
S3: 31210	R3: 33460