Hello Traders,
Hang Seng is trending higher, closing at 26667.27, after an intraday high at 26692. This is the highest daily closing price since December 5/2018! The a/d-Ratio was at strong @3.5.
Notice that price have met the decling trendline (grey) which connect the lower highs of 2018-07-26 and 2018-08-28!
Short term there may by room for another solid advance to ~ 27260 area. This level was crossed by the trendline at 2018-12-03. But the room for this might be very small, because RSI is trading in „overbought“ territory and it indicate a „exhaustion“ of the short term rally.
If so, we will face a correction, maybe in a wave 2 of lesser degree!
On the broader market indication, there is to observe that 2 of other indexes at Hang Seng family, the „HS Composite small cap“ and the „HS Composite financial index“ has create a „double-bottom“ opattern. As long as this indexes are still trading above this points, the trend is to the upside to my view.
Price target for HS Comp. Small cap is at ~2000 area, while the targetzone for HS Financial is at 3766-3845 zone!
So, we will wait for the coming trading sessions how HS will perform and analyse once again, if new wave pattern develop!
Have a great weekend....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
Hang Seng is trending higher, closing at 26667.27, after an intraday high at 26692. This is the highest daily closing price since December 5/2018! The a/d-Ratio was at strong @3.5.
Notice that price have met the decling trendline (grey) which connect the lower highs of 2018-07-26 and 2018-08-28!
Short term there may by room for another solid advance to ~ 27260 area. This level was crossed by the trendline at 2018-12-03. But the room for this might be very small, because RSI is trading in „overbought“ territory and it indicate a „exhaustion“ of the short term rally.
If so, we will face a correction, maybe in a wave 2 of lesser degree!
On the broader market indication, there is to observe that 2 of other indexes at Hang Seng family, the „HS Composite small cap“ and the „HS Composite financial index“ has create a „double-bottom“ opattern. As long as this indexes are still trading above this points, the trend is to the upside to my view.
Price target for HS Comp. Small cap is at ~2000 area, while the targetzone for HS Financial is at 3766-3845 zone!
So, we will wait for the coming trading sessions how HS will perform and analyse once again, if new wave pattern develop!
Have a great weekend....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!