HY Newsletter – FTSE 100 Reversed From Strong Support Level

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Stocks Report: E-Commerce China Dangdang 

DANG reversed from resistance zone

Likely to fall to 5.300 

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DANG recently reversed down from the resistance zone lying between the resistance level 5.800 and the 50.00% Fibonacci correction of the earlier sharp downward impulse wave from the start of May. The downward reversal from this resistance zone started the B-wave of the active intermediate ABC correction (2). DANG is likely to fall further to the next strong support level 5.300 (which stopped the previous sharp intermediate impulse wave (1), as can be seen below).  Sell stop-loss can be placed above the aforementioned resistance level 5.800.

 

Commodities Report: Silver

Silver broke support level 17.00

Likely to fall to 16.00

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Silver has been falling in the last few trading sessions inside the minor impulse wave 3 (which started earlier – when the price reversed down from the resistance level 17.50, which was set as the expected upward target in our previous forecast for this instrument). The price earlier broke through the round support level 17.00, which accelerated the active impulse wave 3 (which belongs to the intermediate impulse wave (3) from the resistance level 18.00).  Silver is likely to fall further toward the next support level 16.00 (former resistance which reversed earlier waves A and (i)).

 

Index Report: FTSE 100

FTSE 100 reversed from strong support level 6060.00

Likely to rise to 6200.00

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FTSE 100 continues to rise – following the earlier upward reversal from the support zone lying between the strong support level 6060.00 (downward target set in our previous forecast for this index), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous ABC correction A from February. The upward reversal from this support zone stopped the b-wave of the active minor ABC correction (b) from the start of May. FTSE 100 is likely to rise further to the next resistance level 6200.00 (top of the previous minor (a)-wave).

 

Forex Report: EUR/CHF

EUR/CHF broke resistance level 1.1100

Likely to rise to 1.1200

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EUR/CHF has been rising in the last few trading sessions, breaking through the resistance level 1.1100 (top of the previous minor impulse wave (i)), which was set in our previous forecast as the upward target for this currency pair. The breakout of the resistance level 1.1100 is likely to accelerate the active impulse wave (iii) – which started previously – when the pair reversed up from the pivotal support level 1.1015 (former strong resistance from March and April). EUR/CHF is expected to rise further to the next strong resistance level 1.1200 (top of the earlier primary impulse wave ①).

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