Stocks Report: American Express
American Express reversed from resistance zone
Likely to fall to 54.00
American Express recently approached the resistance zone lying between the resistance level 55.30 (which also reversed the previous waves iv, (iv) and (a), as you can see from the daily American Express chart below) and the 38.2% Fibonacci correction of the previous sharp downward impulse from the start of January. Given the strong downtrend visible on the daily American Express charts and the overbought reading on the daily Stochastic indicator – American Express can be expected to fall further to the nearby support level 54.00.
Commodities Report: Natural Gas
Natural Gas reached support level 1.7000
Likely to fall to 1.6000
Natural Gas opened this week with the downward gap – reaching the round support level 1.7000, which was set in our previous forecast as the likely downward target for this instrument. If the price breaks below this support level – Natural Gas, will then, most likely, fall in the active impulse waves 3 and (3) (which belong to the primary impulse wave ⑤ from last May) toward the next support level 1.6000. In the opposite case – Natural Gas is likely to correct up to the nearby resistance level 1.8000.
Index Report: FTSE 100
FTSE 100 reversed from resistance zone
Likely to fall to 6000.00 and 5900.00
FTSE 100 recently reversed down from the resistance zone lying between the resistance level 6110.00 (which reversed the index with the daily Japanese candlesticks reversal pattern Evening Star in February and which was set as the likely upward target in our previous forecast for this index) and the Fibonacci cluster made out of the 61.8% Fibonacci correction of the previous downward impulse from October and the 38.2% Fibonacci retracement of the longer-term downward impulse from last April. FTSE 100 is likely to fall to the next support levels 6000.00 and 5900.00.
Forex Report: EUR/USD
EUR/USD broke daily up channel
Likely to fall to 1.0800
EUR/USD continues to fall after the earlier breakout of the support trendline of the daily up channel from the start of December (which has enclosed the previous minor ABC correction 2). The breakout of this up channel is likely to accelerate the active minor impulse wave 3 – which started earlier – when the pair reversed down from the resistance zone lying at the intersection of the resistance trendline of the aforementioned up channel and the former support trendline of the long-term up channel from last March (acting as resistance after it was broken). EUR/USD is likely to fall to the next support level 1.0800.
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