I've been watching HK50 chart for a while now, and here are the reasons on HK50 Long :
- Major Support (weekly) at 22483, and currently bouncing up
- Next resistance (Daily) at 23554, and could go more to the upper side if it breaks
- 4 hour chart is creating a double bottom pattern, and forming a leg up. Double bottom neckline is at 23152, if breaks then it's a confirmed long position
- Daily chart is creating a higher low
Here's a reasonable entry and exit based on support, resistance, and pattern analysis:
- Entry : 23160 (wait for sustainable break on 4H chart neckline)
- TP 1 : 23554, TP 2 :23703
- SL : 22338
Please mind your broker's spread and your money management.
HK50
- Major Support (weekly) at 22483, and currently bouncing up
- Next resistance (Daily) at 23554, and could go more to the upper side if it breaks
- 4 hour chart is creating a double bottom pattern, and forming a leg up. Double bottom neckline is at 23152, if breaks then it's a confirmed long position
- Daily chart is creating a higher low
Here's a reasonable entry and exit based on support, resistance, and pattern analysis:
- Entry : 23160 (wait for sustainable break on 4H chart neckline)
- TP 1 : 23554, TP 2 :23703
- SL : 22338
Please mind your broker's spread and your money management.
HK50