PaulNorris

Hongkong 50 may face a pull back?

Short
FOREXCOM:HKXHKD   Hong Kong 50 CFD
1.If we disregard the wicks, and pull out FIB retracement tool, we can see that HK50 is testing the 0,382 level. We can see that this level acted as support in the middle term and right now it has turned into resistance.

2.A blue wedge has formed on the daily chart , I disregarded the breakout because the resistance have been tested so many times since March. If HK50 break the FIb 38.2 level, I may pay attention to the resistance.

3. What’s more, we can see the daily RSI is coming close to the overbuying zone. When entering the overbuying zone, HK50 usually face a pull back. I pointed them out with yellow circles. Maybe when HK 50 meet the wedge’s resistance, the daily RSI will enter the overbuying zone, and it may pull back to Fib 23.6level or the wedge’s support.

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