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Daily Binary Options Analysis for January 10, 2017

EUR/USD
The price of the EUR/USD binary option keeps testing its orange bearish trend line as a resistance. The price has been moving into an Expanding Triangle, shown with purple on the chart below. The triangle brought the price to the bearish price trend you see in the upper right part of the chart below.

10012017-eurusd

The H4 chart of the EUR/USD shows that the price action is currently testing the orange bearish trend line as well as the upper level of the purple Expanding Triangle. Having in mind that the price is currently testing two resistance levels at the same time (black arrow), we assume that we are very likely to see another bearish impulse on the chart. If this happens, the price will test the psychological level at $1.0500 as a support.

Crude Oil
The Oil prices did a crucial decrease during the yesterday’s trading session. The commodity broke its recent monthly bullish trend line and accounted for a 2-week low. The bottom is pointed with the black arrow on the H4 chart of the Brent Crude binary option:

10012017-brentoil

The breakout through the orange bullish trend line is shown with the red circle on the chart. Notice that after the trend breakout, the price held the intensity of the drop, by reaching the psychological support at $55.00 for one barrel.

The interesting here is the yellow bearish channel on the chart, which outline the last two tops and bottoms on the chart. We obviously get a channel pattern on the chart. In this relation, we assume that the price action might correct the bearish move, before attempting a new price decrease on the chart. For this reason the level at $56.50-55.60 looks like a reasonable target for the commodity.

Nvidia Inc.
One of the remarkable gainers from the last trading session was Nvidia Incorporated. The binary option of Nvidia increased with $4.18 per share which was the reason for the 4.05% increase in the value of the security.

10012017-nvidia

The price increase of Nvidia happened after the stock interacted with its bullish trend line. Couple weeks ago the stock has reached its all-time high in the $120.00 area. The peak could be seen clearly on the H1 chart of the NVDA binary option. After reaching this high, the price started a correction toward its orange bullish trend line. The tests on the trend line are marked with the black arrows on the chart.

In this relation, we should state that the yesterday’s price increase of Nvidia came as a bounce from the bullish trend line of the binary option. This is the reason why we believe that the NVDA security is about to create another bullish impulse, which can be traded long. If this happens, it will be a matter of time until the stock reaches its all-time high right under $120.00 per share.

Zynga Inc.
Zynga Incorporated on the other hand was among the losers during the yesterday’s trading session. The decrease in the ZNGA binary option was for $0.06 per share. This looks like an insignificant amount on first sight. However, $0.06 takes 2.21% from the Zynga stock price of $2.66 per share, which cannot be neglected.

10012017-zynga

The H4 chart of the ZNGA binary option shows us the 19-month high on the chart. Notice that after reaching this level above $3.00 per share, the stock started a decrease, which led the price through its orange bullish trend line. Later, the $2.50 support level was reached. See that the ZNGA stock bounced from this level and regained half of the lost value by interacting with the area of $2.75.

If the price breaks this level, we are likely to see a further price increase at least to the already broken orange bullish trend line. On the other hand, if the price action bounces downwards from the $2.75 zone, then we will soon see a new interaction with $2.50 per share.

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