Resistance: 25000 Support1 : Today's Low. Support 2: 24560
There's Probability of Hang Seng of touching 23278 as Covid-19 cases are creating fear in European countries so creating Global Sell Off sentiment.
Had marginally crossed the 2007 High in 2018 and was languishing ever since.
Contraction within larger Ascending Triangle.
Hang Seng CMP 26494 Sustaining above the red resistance trend line, HSI can potentially scale up to 28500 levels... Alternatively wait for a dip towards 26244 levels. Holding that level one can look to enter for a Long trade with Stop Loss at around 25980. That provides a good Risk::Reward ratio. This is for educational purpose only. Please do your own Analysis...
IN WEEKLY CHART DOUBLE BOTTOM SPOTTED OR W PATTERN WILL BE COMPLETED AT THE TARGET GIVEN WITH ARROW
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...
Just an observation watching it unfold
all levels are mentioned on the charts , take a wise decision of nifty on that basis .
What looked like a channel breakout has reverted back within it. Was that an exuberant top? Looks unlikely at the miment but lower boundary comes in closer to 20k
TVC:HSI headed to 27000 mark , gave a bullish breakout on charts . Stop could be kept below 20dma
Hangseng appears to be forming a complex corrective pattern, which can be nicely channelized , Traders can buy when index hits the lower end of channel (24500 around). This index will make a new high once consolidation is over (26000+).