HY Newsletter -Hang Seng Index Approaches Resistance Level

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Stocks Report: Visa Inc.

Visa rising inside impulse waves 3 and (C)

Likely to rise to 82.00 

470-Stocks

Visa has been rising in the last few trading sessions inside the 3rd minor impulse wave 3 – which belongs to the intermediate impulse wave (C) from February. The active minor impulse wave 3 started previously – when Visa reversed up from the support zone lying between the support level 76.00, lower daily Bollinger Band and the 50% Fibonacci correction of the previous sharp upward impulse from March. Visa is likely to rise further toward the next resistance level 82.00 (which stopped the earlier minor impulse wave 1 in April, as can be seen below).

 

Commodities Report: Light Sweet Crude Oil (WTI)

WTI broke resistance level 50.00

Likely to rise to 52.00

470-Commdoities

WTI continues to rise – following the earlier breakout of the round resistance level 50.00 (which stopped the previous minor impulse wave 3 and which was set as the likely upward target in our earlier forecast for this instrument). The breakout of the resistance level 50.00 is likely to accelerate the active minor impulse wave 5 (which belongs to the intermediate (C)-wave of the primary ABC correction ② from the middle of February). The active impulse wave started earlier – when WTI reversed up from the support level 48.00. WTI is likely to rise further toward the next resistance level 52.00.

 

Index Report: Hang Seng Index

Hang Seng Index approaching resistance level 21500.00

Likely to rise to 22000.00

470-indices

Hang Seng Index has been rising steadily in the last few trading sessions inside the minor impulse wave 3, which belongs to the intermediate impulse wave (3) from the middle of May. The price earlier broke through the resistance trendline of the wide daily down channel from October – which accelerated the active impulse waves 3 and (3). The index is currently approaching the resistance level 21500.00 (which stopped the earlier impulse wave (1)). If the price breaks above 21500.00 – Hang Seng Index can then rise to the next round resistance level 22000.00.

 

Forex Report: USD/CHF

 USD/CHF falling inside intermediate corrective wave (2)

Likely to fall to 0.9600

470-forex

USD/CHF has been falling in the last few trading sessions inside the sharp intermediate corrective wave (2) – which started earlier – when the pair reversed down from the resistance zone lying between the parity and the resistance level 0.9900 (previous upward target set in our earlier forecast for this currency pair). This resistance zone was further strengthened by the upper daily Bollinger Band and by the 61.8% and 50% Fibonacci correction levels of the previous downward move from November. USD/CHF is likely to fall to the next support level 0.9600.

 

 

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