Wall Street: new rises expected, but eyes open. Hot titles


Below is the interview with Alessandro Cocco, Chief Executive Officer of Unicron Associates, to whom we asked questions about American stock indices and some US stocks.

Wall Street is preparing to return to trade after a positive week. Is the current trend destined to continue?

On Wall Street the three main indices may rise further, although some doubts and some concern are raised by the Nasdaq Composite which has already run a lot.

It is true that the technological list can still gain ground, given that the gap of 24 February at 9,568 points is still to be closed, above which we will find the historical maximums.

We are however on quite high values, which is why the Nasdaq Composite could also reverse before the other indices and also carry the others.

In general, the view still remains bullish, but we start to keep our eyes open on the Nasdaq Composite, the index that could trigger a return on sales in the short term.

Starting right from the Nasdaq Composite, I point out a support area between 9,200 and 9,000 that must not be violated if you want to witness new increases.

If the index manages to break last Thursday’s highs at 9,405 points, then in all likelihood it will close the gap of February 24 in the 9,570 area.

As mentioned before, above this obstacle the Nasdaq Composite will aim at the highs of February 19 at 9,838 points.

On the downside, pay attention to the holding of area 9.000, under which the index will find another support further away at 8.710 points.

The S & P500 managed to break the trend highs last week, closing above May 20 above 2,968 points, only to go back slightly below.

The support area is between 2,913 and 2,954 points and seems to hold for today, so now the wait is for a break of 2,970 / 2,980 points, with subsequent landing in the 3,100 area.

Below 2,913 points, the S & P500 will close the gap from 18 May to 2,863 points, violated which the descent will continue towards the May lows at 2,766 points.

The Dow Jones, however, has not yet come out of congestion and has not managed to break the highs of April 29 to 24,764 points for now.

The index stopped earlier and is now looking at the first detectable support in the 24.060 area, under which the Dow Jones will return to its May 14 lows at 22.789 points.
Above 24,764 points, on the other hand, the doors will open for a more marked increase towards 27,000 points.

Microsoft is moving towards historic highs updated in February. What can you tell us about this title?

Microsoft has a healthy trend and the first resistance is at 187.51 dollars, above which it will look at the historical tops at 190.7 dollars.

If the title still has strength, then it can push forward towards 196/198 dollars.

Downside support for Microsoft is at Friday’s lows at $ 183.5, below which we will look at $ 179.6 first and then $ 175.6 thereafter.
At that point, a bearish view could be validated which will in fact risk ending the current trend.

In light of the recent trend in oil, what strategies can you suggest for Exxon Mobil?

After the collapse, Exxon Mobil followed oil a bit and then started a congestion phase.

The stock is replicating the performance of the Dow Jones rather than oil, signaling a first resistance at $ 45.44, above which it will look at the top of April 30 at $ 47.68.

A breach of the latter obstacle will open the door to an extension towards $ 52, while on the downside the first threshold to be monitored is $ 43, a route which Exxon Mobil could slide into the $ 40 area.

Are there any other titles you want to report on Wall Street?

I would like to point out Tesla that overall is showing a good seal, showing a compression of the volumes.

In the event of an upward breach of $ 834.77, the stock will push to the highs at the end of April at $ 869.92 and with the violation of this level Tesla will be able to return to around $ 950/968, that is to say the historical highs.

Downward attention to $ 796.68, which lost the stock could drop to $ 764.7 before and then to $ 685.

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