Hello Traders,
not really much new to add.
Hang Seng failed this week to decline significantly lower and the move from 29149.50 look like a sideways consolidation.
If so to come, HS will make a modestly lower low below the 28619 from January 15 to complete an a-b-c pattern.
At the longer-term chart there is to observe, that HS is clearly in an uptrend and closed this week above an uprising trendline (blue) that may indicate a wave „3“ has started. But we need more price action to confirm such a move on a weekly basis.
Overall the uptrend is intact and HS is still hiding to the 30000 levels in the coming days and weeks as long as 27857.70 on a daily basis is valid.
Have a great weekend....
ruebennase
Feel free to ask or comment.
Trading this analysis is at your own risk!
not really much new to add.
Hang Seng failed this week to decline significantly lower and the move from 29149.50 look like a sideways consolidation.
If so to come, HS will make a modestly lower low below the 28619 from January 15 to complete an a-b-c pattern.
At the longer-term chart there is to observe, that HS is clearly in an uptrend and closed this week above an uprising trendline (blue) that may indicate a wave „3“ has started. But we need more price action to confirm such a move on a weekly basis.
Overall the uptrend is intact and HS is still hiding to the 30000 levels in the coming days and weeks as long as 27857.70 on a daily basis is valid.
Have a great weekend....
ruebennase
Feel free to ask or comment.
Trading this analysis is at your own risk!