Stocks Report: Coca-Cola
Coca-Cola approached pivotal resistance level 43.80
Likely to rise to 44.50 and 45.00
Coca-Cola has been rising in the last few trading sessions inside the minor impulse wave 3 – which started previously – when the price reversed up from the support zone lying between the support level 42.00 and the 50% Fibonacci correction of the previous impulse wave 1 from the middle of January. Coca-Cola closed last session near the pivotal resistance level 43.80 (top of previous waves 2, 3 and (1)). If the price breaks above 43.80 – Coca-Cola can then rise to the next resistance levels 44.50 and 45.00.
Commodities Report: Sugar
Sugar reached support level 0.1265
Likely to fall to 0.1200
Sugar recently broke the support level 0.1265 (which was set as the likely downward target in our previous forecast for this instrument). The breakout of the support level 0.1265 is likely to accelerate the active minor impulse wave (v) – which started earlier – when the price reversed down from the resistance zone lying between the resistance level 0.1350 and the 38.2% Fibonacci correction of the earlier downward impulse wave (iii). Sugar is likely to fall to the next support level 0.1200 (target price for the completion of impulse 3).
Index Report: Dow Jones Industrial Average
Dow Jones Industrial Average broke resistance level 16400.00
Likely to rise to 16800.00
Dow Jones Industrial Average recently broke above the resistance level 16400.00 (which reversed the price at the start of February and which was set in our previous forecast as the likely upward target for this index). The breakout of this resistance level is likely to accelerate the active (c)-wave of the minor ABC correction from January. Dow Jones Industrial Average is expected to rise further to the next resistance level 16800.00 – the breakout of which can lead to further gains toward 17100.00 (target price for the completion of wave 2).
Forex Report: GBP/AUD
GBP/AUD broke around support level 2.0000
Likely to fall to 1.9600 and 1.9500
GBP/AUD continues to fall inside the minor impulse wave 3, which belongs to the intermediate (C)-wave from last October. The price earlier broke the round support level 2.0000 – which intensified the bearish pressure on this currency pair – accelerating the active waves 3 and (C) of the primary downward corrective wave ② from August. GBP/AUD is likely to fall further toward the next support levels 1.9600 and 1.9500 (target price for the completion of wave ②). Strong resistance remains at 2.0000.