HY Newsletter – Yahoo reversed from support zone


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Stocks Report: Yahoo! Inc.

Yahoo reversed from support zone

Likely to rise to 38.00 

461-Stocks

Yahoo recently reversed up with the upward gap from the support zone lying between the pivotal support level 35.00 (former strong resistance level which reversed earlier waves (A) and (C), as can be seen below), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous intermediate impulse wave (1) from March. The upward reversal form this support zone completed the previous intermediate ABC correction (2). Yahoo is likely to rise further in the active intermediate impulse wave (3) toward the next resistance level 38.00.

 

Commodities Report: Copper

Copper falls inside impulse waves 3 and (3)

Likely to fall to 2.0500

461-Commdoities

Copper continues to fall inside the minor impulse wave 3, which belongs to the intermediate impulse wave (3) from March. Both of the active impulse waves 3 and (3) started earlier – when the price reversed down from the resistance zone lying between the pivotal resistance level 2.2770 (which has been reversing the price from the start of March), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous downward impulse from September. Copper is likely to fall further toward the next support level 2.0500.

 

Index Report: Dow Jones Industrial Average

Dow Jones Industrial Average reversed from support zone

Likely to rise to 17800.00

461-Indices

Dow Jones Industrial Average recently reversed up sharply from the support zone lying between the support level 17440.00 (which also previously reversed the earlier intermediate correction (4)), lower daily Bollinger Band and the 50% Fibonacci correction of the previous upward impulse from March.  The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Morning Star – which signaled the completion of the previous impulse wave 1. The index is likely to correct up further to the nearby resistance level 17800.00.

 

Forex Report: NZD/JPY

NZD/JPY reversed from long-term support level 73.00

Likely to rise to resistance level 75.00

461-Forex

NZD/JPY recently reversed up sharply from the support zone lying between the pivotal long-term support level 73.00 (which has been steadily reversing this currency pair from last August, as you can see from the daily NZD/JPY chart below) and the lower daily Bollinger Band. The upward reversal from this support zone stopped the earlier minor impulse wave (iii), which is a part of the longer-term impulse waves 3 and (C). Given the oversold reading on the daily Stochastic indicator – NZD/JPY can be expected to rise further to the next resistance level 75.00.

 

 

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