Last Friday, HK 50 close above 16700. However, it still hasn't close above the very key resistance 17000 level. The one I called make or break from last Friday analysis. The reason being is because, not only this will be the 2024 high, it will finally show the momentum of breaking the downtrend of lower high and lower low.
One very important thing to keep in mind while trading this week is Wednesday, the hong kong government will release their version of FOMC meeting minute. This will dictate how the market direction will go moving forward. If the tone is more dovish, we may finally start to see some momentum to 17500 by the end of the week. However, if it doesn't break above that key 17000 level, this could very well be a double top pattern and it will head back down to retest 16000 level.
Overall, I would stay out of the market for the time being, until after Wednesday for a better direction. However, if you really want a quick scalp of 100 points, depends how the market open, if it opens with a gap to the downside then starting to rip up after the first 15 mins candle, you can potentially look for a quick buy. Again, please be very cautious as this is just a Monday opening
One very important thing to keep in mind while trading this week is Wednesday, the hong kong government will release their version of FOMC meeting minute. This will dictate how the market direction will go moving forward. If the tone is more dovish, we may finally start to see some momentum to 17500 by the end of the week. However, if it doesn't break above that key 17000 level, this could very well be a double top pattern and it will head back down to retest 16000 level.
Overall, I would stay out of the market for the time being, until after Wednesday for a better direction. However, if you really want a quick scalp of 100 points, depends how the market open, if it opens with a gap to the downside then starting to rip up after the first 15 mins candle, you can potentially look for a quick buy. Again, please be very cautious as this is just a Monday opening