Hello Traders,
Hang Seng trading sideways with little advancing prices from 24899.90 on August 15 to 27900 on November 7! the decline since is a „three-down“ and has found support at the lower boundary of the trend channel, blue. The candle-stick pattern shows a „gap-up“, what may be interpreted as „break-away-gap! The days after the first gap have been followed by one more gap and today's session creates a „Doji“!
So, the level to watch in the coming hours and days is at 25995 (low) respectively the level of 26062 (closing price). A break of this area opens the door to lower price still.
Note, that there remains an open gap by the trading as of October 10- 11 from 25707-25986!
Overall to observe is the „overlapping“ structure of the wave`s from the low at 24899 -27900 what indicates possibly a wave „b“ or „x“ on the run.
On the other hand. Any move above today`s closing price at 26494.70, which represents the 0.382 Fibonacci from 27227-26006 opens the door to 26705, the opening price on November 29, above their remains once again an open gap to 26763that might be filled!
Only trading above 27227 will clear the view for higher prices still.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
Hang Seng trading sideways with little advancing prices from 24899.90 on August 15 to 27900 on November 7! the decline since is a „three-down“ and has found support at the lower boundary of the trend channel, blue. The candle-stick pattern shows a „gap-up“, what may be interpreted as „break-away-gap! The days after the first gap have been followed by one more gap and today's session creates a „Doji“!
So, the level to watch in the coming hours and days is at 25995 (low) respectively the level of 26062 (closing price). A break of this area opens the door to lower price still.
Note, that there remains an open gap by the trading as of October 10- 11 from 25707-25986!
Overall to observe is the „overlapping“ structure of the wave`s from the low at 24899 -27900 what indicates possibly a wave „b“ or „x“ on the run.
On the other hand. Any move above today`s closing price at 26494.70, which represents the 0.382 Fibonacci from 27227-26006 opens the door to 26705, the opening price on November 29, above their remains once again an open gap to 26763that might be filled!
Only trading above 27227 will clear the view for higher prices still.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!