HY Newsletter – Copper Broke Support Zone


Stocks Report: Bank of America

Bank of America falling inside primary impulse wave ③

Likely to fall to 12.00  


Bank of America has been falling in the last few trading sessions inside the intermediate impulse wave (3) of the primary impulse wave ③ – which started previously – when the pair reversed down from the resistance zone lying between the resistance level 14.00, upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp downward impulse from November of 2015. The price closed yesterday near the support level 12.70 (former high of wave (A) from February). If the price breaks below 12.70 – Bank of America can then fall to the next support level 12.00.


Commodities Report: Copper

Copper broke support zone

Likely to fall to 2.000


Copper has been falling in the last few trading sessions inside the minor impulse wave 3, which belongs to the intermediate impulse wave (3) from September of 2015. The active impulse wave 3 earlier broke through the support zone lying at the intersection of the resistance level 2.1270 (which also previously stopped the earlier waves (a) and (i) in February) and the support trendline of the daily up channel from January. Copper is likely to fall further toward the next round support level 2.000 (which stopped the previous (b)-wave in February).


Index Report: Dow Jones Industrial Average

Dow Jones Industrial Average reversed from support zone

Likely to rise to 17840.00


Dow Jones Industrial Average recently reversed up from the support zone lying between the support level 17500.00 (which also previously reversed the index at the end of March, as can be seen below), support trendline of the sharp daily up channel from February and the 38.2% Fibonacci correction of the previous upward impulse from last month. The upward reversal from this support zone completed the previous minor correction (ii). Dow Jones Industrial Average is likely to rise to the next resistance level 17840.00 (high of impulse wave (i)).


Forex Report: NZD/JPY

NZD/JPY reversed from long-term support level 73.00

Likely to rise to 75.00


NZD/JPY recently reversed up from the major long-term support level 73.00, which reversed the previous sharp impulse waves ① and (1) – as can be seen from the daily NZD/JPY chart below). The upward reversal form this support level stopped the active intermediate impulse wave (3) from the end of March. Given the strength of the support level 73.00 and the fact the price is currently trading outside of the lower daily Bollinger Band – NZD/JPY can be expected to rise further from the current levels toward the next resistance level 75.00.



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