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TECHNICAL VIEW ON INDICES 12 AUGUST 2022 FRIDAY

TECHNICAL VIEW ON INDICES 12 AUGUST 2022 FRIDAY

US30 is trading in the range of 33330-34420 for the day. Key resistance on the higher side is around 33600. If it goes above 33600 and sustains above the stated level, then it can go further up till 33900-34000. While on the downside, key support is around 33300 then 33100. If it goes below the said levels then US30 can change its trend from current uptrend to downtrend and we can see the levels of 32900, 32700. Global markets are still inactive following a positive mid-week as they wait for the final dossier of the important data to be released during Friday’s Asian session. The conflicted emotions surrounding inflation and growth, as well as worries about geopolitical and trade disputes, keep traders on their toes. On a different page, US President Joe Biden’s hesitation in declaring tariff relaxations to China—in reality, the elimination of the tariffs imposed under President Trump—gains significant attention and reignites the Sino-US disputes, which have a negative impact on the market’s mood. The mood was also stirred by an increase in coronavirus cases from China, which reached 700 new confirmed cases in the mainland on August 10 compared to 444 the previous day. Key events to look for today are Italian trade balance and U.S. Prelim UoM Consumer sentiment.