Stocks Report: Exxon Mobil Corp
Exxon reversed from support zone
Likely to rise to 92.70
Exxon recently reversed up from the support zone lying between the round support level 90.00 (former resistance level and the upward target set in our earlier forecast for this instrument), 38.2% Fibonacci correction of the previous upward impulse from the start of June and the support trendline of the sharp upward channel from January – as you can see below. Exxon is expected to rise further toward the next resistance level 92.70 (target price calculated for the termination of the active intermediate impulse wave (C)). Buy stop-loss can be placed at half the daily ATR (Average True Range) below the support level 90.00.
Commodities Report: Sugar
Sugar approaching resistance level 0.2000
Likely to rise to 0.2050
Sugar continues to rise inside the minor impulse wave 5 – which earlier reversed up from the support zone lying between the support level 0.1900, upper trendline of the wide daily up channel from February (acting as support now after it was broken previously). The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Hammer (highlighted below). Sugar is currently approaching the resistance level 0.2000. If the price breaks above 0.2000 – Sugar can then rise to the next resistance level 0.2050.
Forex Report: USD/JPY
USD/JPY broke support zone
Likely to fall to 102.70
USD/JPY continues to fall – after the recent breakout of the support zone lying between the support level 106.00 (which was set as the likely downward target in our previous forecast for this currency pair) and the support trendline of the wide daily down channel from June of 2015, as can be seen below. The breakout of this support zone accelerated the active intermediate impulse wave (3), which belongs to the primary impulse wave ③ from the end of May. USD/JPY is likely to fall further to the next support level 102.70 (target price for the termination of the active impulse wave (3)).
Index Report: Nikkei 225
Nikkei 225 broke support level 15890.00
Likely to fall to 15340.00 and 15000.00
Nikkei 225 has been under bearish pressure lately – following the breakout of the support level 15890.00, which stopped the previous impulse wave 1 in May and which was set as the likely downward target in our previous forecast for this currency pair. The breakout of this support level follows the earlier breakout of the support trendline of the wide daily up channel from February. Both of these support breakouts accelerated the active impulse wave 3. Nikkei 225 is likely to fall to the next support levels 15340.00 and 15000.00 (which stopped the earlier (A)-wave).