HY Newsletter – Copper Reversed From Resistance Zone

 

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Stocks Report: Microsoft

Microsoft broke resistance level 52.00

Likely to rise to 54.00  

467-Stocks

Microsoft has been rising in the last few trading sessions inside the minor impulse wave (iii), which belongs to the long-term upward impulse waves 3 and (3). The price earlier broke the resistance level 52.00 (top of the previous minor impulse wave (i)) – which intensified the bullish pressure on this instrument. Both of the active impulse waves 3 and (3) started earlier – when the price reversed up from the strong support zone lying between the support levels 50.00 and 49.00. Microsoft is likely to rise further to the next resistance level 54.00.

 

Commodities Report: Copper

Copper reversed from resistance zone

Likely to fall to 2.0370

467-Commodities

Copper recently reversed down from the resistance zone lying between the resistance level 2.1160 and the 38.2% Fibonacci correction of the previous sharp minor impulse wave 1, which belongs to the intermediate downward impulse wave (3) from April.  The downward reversal from this resistance zone started the active minor impulse wave 3. Copper is likely to fall to the next support level 2.0370 (low of the earlier impulse wave 1) – the breakout of which can lead to further losses toward the round support level 2.000.

 

Index Report: Deutsche Borse AG German Stock Index

DAX reversed from resistance zone

Likely to fall to 10100.00

467-Indices

DAX recently reversed down from the resistance zone lying between the resistance level 10470.00 (top of the earlier primary ABC correction ②; this level was set as the upward target in our earlier forecast for this index), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp downward impulse from December, as can be see below. The downward reversal from this resistance zone completed the earlier intermediate correction (2). Given the overbought reading on the daily Stochastic indicator – DAX is likely to fall to the nearby support level 10100.00 (former resistance from the start of May).

 

Forex Report: GBP/USD

GBP/USD reversed from resistance zone

Likely to fall to 1.4350

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GBP/USD continues to decline – following the earlier downward reversal from the resistance zone lying at the  intersection of the following resistance levels: pivotal resistance level 1.4670 (which reversed earlier waves (4) and ②, as can be seen below), upper daily Bollinger Band, 61.8% Fibonacci retracement of the previous sharp downward impulse from December and the resistance trendline of the wide down channel from 2015. The downward reversal from this resistance zone started the active impulse wave (iii). GBP/USD is likely to fall to the next support level 1.4350.

 

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