HY Newsletter – Apple Reversed From Strong Support Zone

Newsletter49

Stocks Report: Apple Inc.

Apple reversed from strong support zone

Likely to rise to 107.50 

424-Stocks

Apple recently reversed up sharply from the strong support zone lying between the support levels 95.00 and 92.50 (this support area reversed the previous sharp ABC correction ② in August, as can be seen below). Both of these support levels were set in our previous forecast as the likely targets for the downward movement of this company. The upward reversal from this support zone started the active impulse wave (3) – which then broke the round resistance level 100.00. Apple is likely to rise to the next resistance level 107.50.

 

Commodities Report: Brent Crude Oil

Brent Crude Oil reversed from resistance area

Likely to fall to 30.00

424-Commodities

Brent Crude Oil today reversed down from the resistance area lying at the intersection of the resistance level 33.00, 50% Fibonacci Correction of the previous sharp downward impulse wave from the start of January and the lower trendline of the daily down channel from October (acting as resistance now after it was broken by the aforementioned downward impulse). The downward reversal from this resistance area continues the active impulse waves (v) and 3. Brent Crude Oil is likely to fall further to the next round support level 30.00.

 

Index Report: Hang Seng Index

Hang Seng Index approached resistance zone

Likely to fall to 19000.00

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Hang Seng Index recently reversed up from the strong support zone lying between the support levels 18500.00 and 19000.00. The upward correction from this support zone today stopped in the resistance zone lying between the resistance level 19500.00 (which stopped the previous minor correction (iv) earlier this month, as can be seen below) and the 38.2% Fibonacci correction of the previous downward impulse wave from the start of January. Hang Seng Index is likely to fall further to the next support level 19000.00.

 

Forex Report: GBP/USD

 GBP/USD reversed from support level 1.4200

Likely to rise to 1.4400

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GBP/USD recently fell sharply – reaching the strong support level 1.4200, which was set as the likely downward target in our previous forecast for this currency pair. This support level also reversed the sharp weekly A-wave in May of 2010. The upward reversal from this support level created the daily Japanese candlesticks reversal pattern Long-Legged Doji (standing outside the lower weekly Bollinger Band, which intensified this bullish signal). With the weekly Stochastic still in the oversold territory – GBP/USD can be expected to rise toward the next resistance level 1.4400.

 

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