Stocks Report: Coca-Cola
Coca-Cola reversed from support zone
Likely to rise to 47.00
Coca-Cola recently corrected down from the resistance level 47.00, which was set as the likely upward target in our previous forecast for this instrument. The subsequent downward correction (ii) then stopped in the support zone lying between the support level 46.00 (former resistance level which stopped the earlier impulse wave 3 in March), support trendline of the daily up channel from January and the 38.2% Fibonacci correction of the upward impulse from March. Coca-Cola is likely to re-test to the resistance level 47.00 – the breakout of which can lead to further gains toward 48.00.
Commodities Report: Silver
Silver broke resistance zone
Likely to rise to 17.50
Silver recently broke through the resistance zone lying between the resistance levels 16.20, 15.75 and the resistance trendline of the wide daily down channel from last year. The breakout of this resistance zone intensified the bullish pressure on Silver – accelerating the active minor impulse wave 3, which belongs to the intermediate (C)-wave from the end of February. Silver is likely to rise further in the active impulse waves 3 and (C) towards the next resistance level 17.50 (target price for the completion of wave 3).
Index Report: Deutsche Borse AG German Stock Index
DAX approached resistance levels 10400.00
Likely to rise to 10600.00
DAX recently rose sharply – after the price broke through the resistance zone lying between the resistance levels 10000.00 and 10100.00. The breakout of this resistance zone accelerated the (c)-wave of the active minor ABC correction 2 from February – helping the index approach the next resistance levels 10400.00, which was set in our previous forecast as the likely target for the upward movement of this instrument. If the price breaks above 10400.00 – DAX can then rise to the next resistance levels 10600.00 and 10800.00. Alternately, the downward correction to 10100.00 is likely.
Forex Report: USD/CAD
USD/CAD broke strong support level 1.2800
Likely to fall to 1.2500
USD/CAD recently broke sharply below the strong multi-month support level 1.2800 (which also previously reversed the earlier intermediate correction (4) in October). The breakout of this support level follows the earlier downward reversal from the resistance zone lying between the round resistance level 1.3000 and the upper resistance trendline of the sharp daily down channel from January (which has enclosed the active primary ABC correction II from January). USD/CAD is likely to fall further to the next support level 1.2500 (target price for the completion of impulse 3).