HSI may be range bound of 500 points HSI may be range bound it will again may go down but in next 3-4 days it may cross 25000, 25500.
HSI trade ideas
Hang Seng near Make or Break levelsHang 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 before taking any investment / speculative decisions.
Take care & safe trading...!!!
Hang Seng...Exhausting trend?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.
