Today is the last day of the week for HK 50. 17000 is a very strong resistance level. Looking at the daily and the weekly chart, looks like we are coming up to retest the 17000 range.
The reason why I think today is very crucial in terms of the overall trend for HK 50 because if today close above 17000, we can then say HK50 is breaking the current downtrend of lower high and lower low. However, if today market close back into the range of 16,500. That means the past couple days bullish candle is just simply forming a lower high. If that is the case, next week, most likely we will head back down to the 16000 range.
The reason why I think today is very crucial in terms of the overall trend for HK 50 because if today close above 17000, we can then say HK50 is breaking the current downtrend of lower high and lower low. However, if today market close back into the range of 16,500. That means the past couple days bullish candle is just simply forming a lower high. If that is the case, next week, most likely we will head back down to the 16000 range.
Comment:
Another thing to note, two days in a roll, the daily close with no bottom wick. Be cautious if the market will open with a gap to the downside to grab more liquidity