US Stock Market Technical Analysis | August 03, 2022

The global stock market mixed as traders monitor Pelosi’s visit to Taiwan

The market show a bearish reaction yesterday following the visit of Pelosi to Taiwan. U.S-China tension rose following the event which triggers bearish sentiment. However, there is mixed reactions in today’s trading session. Traders and investors will monitor the development of the situation in Taiwan.

Later this week, traders will observe the U.S job data which will give clues on the economic recovery despite inflation.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index made a bearish close from the horizontal area shown on the chart. It is an initial bearish confirmation as there is no higher high printed on the chart. If the index could maintain the bearish pressure until the end of the week then we might see a bearish continuation in the coming week.

Cameco Corp (CCJ)

CCJ share prices formed a triangle formation on the chart. At the current time, the share prices is testing the top of the range. If a bullish breakout with strong momentum happens then the share prices will continue the bullish trend. On the other hand, bearish rejection and close below daily SMA 200 will confirm more ranging movement inside the triangle pattern.

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