Dow Jones: needs extra momentum 5/12/2022

Mixed trading dominated the performance of the Dow Jones Industrial Average on Wall Street. Still, it tended to be positive after the US jobs data, which indicated an improvement in the US labor market, recording its highest level of 34,487.

Technically, we tend to be positive, but with caution, relying on stochastic centring around the overbought areas and the stability of intraday trading above the support level of 34280.

The bullish bias may be the most favorable during today’s trading session, knowing that the breach of 34,490 is a catalyst that enhances the chances of the Doge’s rise to visit 34,630 first target, and the gains may extend towards 34,850 unless we witness any trading below 34,030, and most importantly 34,280.

Decline and stability below 34,280 leads the index to a session in negative areas, with an initial target of 33660.

Note: The risk level 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: 34030	R1: 34630
S2: 33660	R2: 34850
S3: 33430	R3: 35220