ruebennase

Hang seng.....Uptrend near exhaustion?

TVC:HSI   Hang Seng Index
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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

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