HY Newsletter – Brent Crude Oil Reversed From Support Zone


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Stocks Report: Vipshop Holdings Limited

VIPS falling inside intermediate impulse wave (3)

Further losses likely toward 10.20 

475-Stocks

VIPS has been falling in the last few trading sessions inside the intermediate impulse wave (3), which started earlier – when the price reversed down from the resistance zone lying between the resistance level 12.00 (former strong support level which stopped the (B) of the previous primary ABC correction ② from February) and the 38.2% Fibonacci correction of the previous sharp intermediate impulse wave (1) from the middle of April. VIPS is likely to fall further to the next strong support level 10.20 (which stopped previous impulse waves (1) and ①).

 

Commodities Report: Brent Crude Oil

Brent Crude Oil reversed from support zone

Likely to rise to 52.70

475-Commodities

Brent Crude Oil recently reversed up sharply from the support zone lying between the pivotal support level 47.40, lower daily Bollinger Band, support trendline of the sharp daily up channel from January and the 38.2% Fibonacci correction of the previous sharp intermediate (C)-wave from the start of April. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing (highlighted below).  Brent Crude Oil is likely to rise to the next resistance level 52.70 (top of the previous primary ABC correction ④).

 

Index Report: Dow Jones Industrial Average

Dow Jones Industrial Average reversed from support zone

Likely to rise to 18000.00

475-Indices

Dow Jones Industrial Average recently reversed up from the support zone located between the pivotal support level 17450.00 (which reversed earlier waves (iv), 4 and (2), as you can see below), the lower daily Bollinger Band and the 38.2% Fibonacci retracement of the previous sharp upward impulse from the end of February. The upward reversal form this support zone completed the minor ABC correction 2 of the intermediate impulse wave (3) from May. Dow Jones Industrial Average is likely to rise to the next round resistance level 18000.00 (top of the previous impulse wave 1).

 

Forex Report: GBP/CAD

GBP/CAD rising inside minor corrective wave 2

Likely to rise to 1.9170

475-Forex

GBP/CAD opened this week with the sharp upward gap – rising inside the minor corrective wave 2, which started recently, when the pair reversed up from the support zone lying between the support level 1.8120 (which stopped the previous intermediate impulse wave (1) in April) and the lower daily Bollinger Band. The upward reversal form this support zone stopped the earlier minor impulse wave 1, which belongs to the intermediate impulse wave (3) from May. GBP/CAD is likely to rise further to the next resistance level 1.9170 (which reversed earlier wave (2)).