Stocks Report: Microsoft Corp
Microsoft broke resistance levels 53.00 and 54.00
Likely to rise to 57.00
Microsoft recently rose with the sharp upward gap – breaking through the resistance zone lying between the resistance levels 53.00 and 54.00 (both of which were set in our previous forecast as the likely targets for the upward movement of this instrument). The breakout of this resistance zone is likely to accelerate the active intermediate impulse wave (5), which started previously from the support zone surrounding the support level 50.00. Microsoft is likely to rise further to the next resistance level 57.00 (top of the previous intermediate impulse wave (3) from December).
Commodities Report: Sugar
Sugar broke sideways price range
Likely to fall to 0.1250
Sugar has been falling in the last few trading sessions inside the 3rd minor impulse wave 3 – which was earlier accelerated when the price broke the strong support level 0.1400. This support level is the lower boundary of the sideways price range inside which the price has been moving from the start of November, as can be seen below. The upper boundary of this price range stands at the resistance level 0.1570. Sugar is likely to fall further in the active impulse waves 3 and (3) toward the next support level 0.1250 (forecast price calculated for the termination of the active impulse wave 3).
Index Report: Dow Jones Industrial Average
Dow Jones Industrial Average reached resistance levels 16200.00 and 16400.00
Likely to rise to 16800.00
Dow Jones Industrial Average recently rose sharply inside the active minor corrective wave 4 – reaching the resistance levels 16200.00 and 16400.00 (both of these levels were set in our previous report as the likely targets for the upward movement of this index). The price is currently trading in the resistance zone lying between the aforementioned resistance level 16400.00 and the 38.2% Fibonacci correction of the previous sharp downward impulse wave from November. If the price breaks this resistance zone – the index will then, most likely, rise to the next resistance level 16800.00.
Forex Report: EUR/JPY
EUR/JPY broke resistance level 131.00
Likely to rise to 133.80
EUR/JPY recently rose sharply – following the earlier breakout of the resistance level 131.00. The breakout of this resistance level accelerated the active minor corrective wave 4 – which started earlier – when the pair reversed up with the daily Hammer from the major multi-month support level 127.00 (which has been steadily reversing this currency pair from last March, as you can see below). EUR/JPY is likely to rise further toward the next resistance level 133.80 (standing close to 50% Fibonacci correction of the previous downward impulse from June).