WickHunter

HONG KONG UNDER RESISTANCE AND LOOKS BEARISH

Short
FOREXCOM:HKXHKD   Hong Kong 50 CFD
Hello Traders,

Hong Kong is going through some troubling times right now. To summarize very briefly, Hong Kong has been its own entity for some time with its own legal systems, boarders and rights but due to legal agreements China wants to take back Hong Kong as part of China. This is a crude summary of events.

This is causing friction between Hong Kong and China and there have been violent protests for several months over the current situation. Hong Kong property market is also one of the most expensive in the world.

Due to the current climate of uncertainty and looking at the chart of the Hong Kong top 50, it looks very bearish to me.

Price has dropped out of a large descending triangle , that H+S dumping price to below the major support/resistance level. Price looks like its trying to break resistance but I think with whats going on right now it wont.

Quite simply if the price breaks resistance, holds resistance and moves up then that will make my bearish stance invalid.

But because I am bearish I am looking for weakness here. Repeated failures at resistance means the price will be going lower.
Comment: Price is still being rejected on that major support/resistance line.
Comment: Here is the monthly view. Check out that bearish rejection wick. Price is under the monthly 100 ma.

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