Dow Jones: Quiet negativity ahead of inflation data 10/8/2022

Subtle movements tending to the negative dominated the Dow Jones Industrial Average in the New York Stock Exchange, within the targeted bearish slope during the last analysis, touching the official price target of 32,680, recording its lowest level at 32,664.

On the technical side today, by looking at the 60-minute chart, we find that the index’s price is stable below the 50-day simple moving average, in addition to a pivot below the strong resistance of 32,860, accompanied by a decline in momentum.

Therefore, the bearish tendency may be the most likely today, knowing that breaking 32,720 facilitates the task required to visit 32,640 first target. Due to its importance, we should pay close attention to this level, and breaking it will extend losses, waiting for 32,540.

Consolidation above 32,860 leads the index to recover and witness a trading session in the positive areas to visit 32,970 and 33,060.

Note: The risk level is high.

Note: CPI figures are due during the US session, which has a high impact; and may lead to high price volatility.

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: 32640	R1: 32860
S2: 32540	R2: 32970
S3: 32420	R3: 33065