HK50 continue bearish?

Like yesterday analysis, the market opens with a spike up then re-test 16,000 range. Overall, the volume is still really low.

Yesterday it closes a weak bullish doji candle still respecting 16350 resistance level. For today's analysis, I can see there is a possibility of retesting 16000 and if the 1 hour time frame close below 16,000 range on the first half of the market open, along with higher volume, we might see it re-test 15900 as well.

Overall bias: Bearish

Comment:

Unfortunately, the sell didn't pan out. The first 1 min candle first dip down then shot up bullish. If zoom out on a weekly candle, it actually formed a nice bottom wick til 16,000 and the flipping point is 16350. So with volume, the weekly candle flip and it shot up all the way to 16,600.

Side note, first 5 min candle blow up after forming a bottom wick (first 1 min), although it close with no top wick, typically in a market open with high volume, I often find the market will continue to push at least 2-3 more 5 mins candle before deciding the true direction. Just like the day before, the first 5 mins is to rip down (1 hour flip), second 5 mins candle form as mini doji, 3rd 5 mins candle continue to push down