Dow Jones may extend intraday gains 16/5/2022

The Dow Jones Industrial Average ended last Friday’s trading with a noticeable rise, trying to reduce its previous losses to reach its highest level during the early trading of the current session, 32,027.

Technically, today, we tend to be positive in the coming on building above the 31,900 support floor, and most importantly 31,880, in addition to the positive signals of the 14-day momentum indicator on the 60-minute time frame.

We may witness attempts to rise, targeting 32,045 first target, and penetrating it will enhance the index’s gains so that the road will be directly open towards 32,090 and 32,150, respectively.

A decline below 31,880 puts the secret under negative pressure to retest 31810.

Note: the level of risk may be 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: 31945	R1: 32045
S2: 31880	R2: 32090
S3: 31810	R3: 32150