Hello Traders,
Hang Seng broke below the level of 24424, what per my view could be interpreted as an „important low“! It declined close to the level of 23697, what I preferred as an important support zone; from here, buyers entered the market!
As to see on the hourly chart, HS opened a gap-up, that was closed during Friday's session. This is an often seen behaviour within a starting recovery, sometimes to view at the start of a new impulse.
This idea opens two scenarios.
First, the bearish (`cause HS is in a bear market);
A break of the low of 23371 and the support level of 23697 open the door to 23100 area with more bearish potential ahead!
In this case, I would favour the level of 21139 comes „under attack“!
If the bulls were able to buy the market up for more than 1-2 days, a level of 24798 could be achieved. This is at or near Thursday's peak. Above that area, I see potential up to 25125 and 25457 zones!
Overall to speak, and as before! Hang Seng is in a „bear-market“ and it needs more than 1or two weeks of recovery to change the view!
Have a great Sunday.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
Hang Seng broke below the level of 24424, what per my view could be interpreted as an „important low“! It declined close to the level of 23697, what I preferred as an important support zone; from here, buyers entered the market!
As to see on the hourly chart, HS opened a gap-up, that was closed during Friday's session. This is an often seen behaviour within a starting recovery, sometimes to view at the start of a new impulse.
This idea opens two scenarios.
First, the bearish (`cause HS is in a bear market);
A break of the low of 23371 and the support level of 23697 open the door to 23100 area with more bearish potential ahead!
In this case, I would favour the level of 21139 comes „under attack“!
If the bulls were able to buy the market up for more than 1-2 days, a level of 24798 could be achieved. This is at or near Thursday's peak. Above that area, I see potential up to 25125 and 25457 zones!
Overall to speak, and as before! Hang Seng is in a „bear-market“ and it needs more than 1or two weeks of recovery to change the view!
Have a great Sunday.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!