Friday, September 29

Berkshire Hathaway, CostCo or Apple are in an interesting moment

– How do you see the start of the year on Wall Street? Do they fear corrections in technological values?

We must take into account the results campaign that is starting, the monthly expiry of options and futures this Friday and next week we have a meeting of the Federal Reserve, and we must see what is being said about the rate hike that is scheduled for March. Last week both the S&P and the Dow Jones made highs, both indices are high on a sideline, the Nasdaq is low on a sideline and the Russell 2000 trades inside a long sideways. We must be very aware of what the Fed says, depending on what it says we can see a convergence to the rise or fall of all the indices.

– How do you see Europe in this context?

In Europe, the Cac 40 marked a maximum last week but neither the Euro Stoxx nor the Cac 40 accompanied it and everything is highly dependent on what happens in the US. The Ibex 35 has seen an upward movement thanks to the rebound in bond yields. The Spanish selective has a significant resistance at 9,000-9,042 points since September last year, another longer-term resistance at 9,310-9,250 points and as support we should watch the 50-session average, which goes through 8,675 points.

– Spanish or foreign securities that are strong at this time of adjustment on Wall Street?

On Wall Street we see Berkshire Hathaway at highs, could be a good option if it pulls back a bit to $315 as we don’t like to go high. Another interesting stock is CostCo which has pulled back, has been below the 100 day moving average and could drop a bit further towards the Fibonacci 38.2% to $470. Apple is a strong stock in this context, with pullbacks providing entry options.

– Cryptocurrencies are not having a good time either… what levels should be watched in bitcoin and ethereum?

Bitcoin is in a really interesting moment, it has left us a support zone between 40,150 and 39,629 dollars, it seems that it is forming a double bottom and we see candles that seem to mark a rebound. We can see increases although it has a lot of intermediate resistance. In ethereum the situation is similar although the concept of cryptocurrency is different. It has supports at $2,900

– And the oil?

Oil is interesting. It is at 84.89 dollars thanks to geopolitical tensions, the lower incidence of omicron and the optimism that there is in economic growth. Oil can head towards $85.74 and even $100 if it continues its uptrend. As support we must watch $74 and $66.12.