Technicals | Jun 19 2012
FNArena has added another video to its Investors Education section on the website. This week, ATW's Jerry Simmons shifts his chart checking focus back to the euro, seeing some chances of a multi week rally if the stars align.
In late May, EUR/USD dropped below the 1.26 mark, which is a major support level tested back in early February. Price action fell to all the way towards the 1.23 zone, before reversing and finishing last week above the previous 1.26 support level. Jerry thinks a push past 1.263 could signal reverse direction into a support zone. So a big gap up on Monday (in US trade) could mean a decent follow through to the upside, pushing this week’s weekly high to a potential 1.267.
Natural gas is also looking positive, notes Jerry, with a bounce out of current resistance at US$2.62-2.67 range taken as being a very bullish sign should it occur. He points out that when a market moves so extremely, a multi-year bull market may be in the offing.
ATW also sees Nasdaq 100 futures as being on the verge of a potential major reversal, with a ton of support in the 2420 area.
As for gold, Jerry notes we’ve already had a reversal break out, which has him seeing significant potential for a continued move upwards.
To view the ATW Strategic Prep Video click HERE or visit the FNArena Investors Education section of the website.
All views expressed are Jerry Simmons's, not FNArena's (see our disclaimer).
Jerry Simmons has over 25 years of full-time trading experience. He is the senior partner and head mentor for the “Masters” Programme within the education system at New York based Advanced Trading Workshop (ATW).
FNArena is pleased to have Jerry Simmons as a highly valued contributor to its service which aims at both educating investors and assisting them with their own market analyses.
The above mentioned videos can be accessed via the FNArena Investor Education section.
Find out why FNArena subscribers like the service so much: "Your Feedback (Thank You)" – Warning this story contains unashamedly positive feedback on the service provided.