ruebennase

Hang Seng...Exhausting trend?

TVC:HSI   Hang Seng Index
Hello Traders,
Hang Seng closed this week at 25801, a loss of -1.89 (according to teletrader.com). This was the lowest closing since mid-May 2018 and is maybe a wave 4 of Minor degree.
It drops below the blue trend channel that I have marked as important and closed right at the lower line of it. There remain an open Gap at chart, implying the same possibility as for N50. A Gap to the upside on Monday`s opening bell gives us the chance for an “Island-reversal” and a change of trend short-term.
A drop below Fridays low will open the door to may lower lows in the coming days and will support the view, that a longer-term correction is underway!
I have marked a zone of importance with a yellow rectangle at chart. This act as a resistance zone which must be taken out of marked for rising trend and move. If so within the next hours and days of trading we have targets around 26500-26720 area.
Even too, a run through the upper trendline (blue) will support the view and increase the odds that an important low is in place. Any advance above the blue trend-channel on a daily closing basis will manifest this idea.
Again. While multiple counts are available I will wait which one will step to forefront.
Have a great week…
ruebennase
Feel free to ask or comment.
As always: This analyze can be wrong. Trading this is for your own risk! Take notice.


Bank Nifty whats bthe movement it is showing ?
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out