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TECHNICAL VIEW ON INDICES 09 AUGUST 2022 TUESDAY

TECHNICAL VIEW ON INDICES 09 AUGUST 2022 TUESDAY

Trading range of US30 for today is 32850-32930. Key support area for today is 32750-32800. If it breaks, then 32600-32650. While on the higher side, key resistance is around 32950-33000. If it goes above this range, then next resistance is around yesterday’s high i.e. around 33120 then 33300. After major benchmark averages finished mixed during regular trading as market participants sorted through a fresh barrage of corporate earnings reports ahead of crucial inflation data due on Wednesday, U.S. stock futures were marginally higher during Monday’s evening dealings. The consumer price index on Wednesday will be closely watched since a decline in inflation may be a sign that the economy is slowing down sufficiently for the Fed to slow down its current tightening pace. Rising geopolitical tensions have also prompted caution on Tuesday, with the UN secretary-general issuing a warning that the shelling of Ukraine’s largest nuclear power plant might have very devastating repercussions. Taiwan’s foreign minister added earlier on Tuesday that China was using the military exercises it started as a form of protest against Nancy Pelosi’s visit to the United States as justification for preparing for an invasion of the island. Key events to look for today are U.S. Prelim Unit Labor Cost and German Final CPI.