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TECHNICAL VIEW ON INDICES 10 AUGUST 2022 WEDNESDAY

TECHNICAL VIEW ON INDICES 10 AUGUST 2022 WEDNESDAY

As second-quarter earnings continued ahead of Wednesday’s important inflation print, U.S. stock futures were trading higher during Tuesday’s evening trades. Trading range of US30 for today is 32750-32830. Key support range for today is 32650-32700 then around 32500. While on the higher side, key resistance is around the range of 32900-33000. If US30 goes above this range and sustains then we can see the levels of 33100 and 33300. Market participants will be keeping an eye on important CPI data ahead of Wednesday’s session amid growing views that the rate of price increases has peaked due to declining oil prices. Investors have opted to reduce their positions ahead of US inflation because they anticipate a reduction in cost pressures. Despite the reduced predictions, positive US Nonfarm Payrolls (NFP) data suggests that inflation may climb more than expected. The Federal Reserve’s (Fed) posture would remain uneasy whether cost-push inflation releases decrease or remain stable. Key events to look for today are U.S. CPI data and U.S. Crude inventory data.