TradingView
Huanghao95
Aug 24, 2017 5:31 AM

Trading Idea – Short HIS Short

HANG SENG INDEXINDEX

Description

On a weekly timeframe, we do observe a bearish engulfing candle, which seem to suggest the bulls are running out of steam. Additionally, it is also near the upper trendline and as of now it is still acting as a resistance coupled with Relative Strength Index at overbought territories. We should see some retracement in the coming weeks.

Entry Price – 26895.42
Stop Loss – 27968.08
Profit Target 1 – 25603.75 (23.6% Fibonacci Retracement Level)
Profit Target 2 – 25024.24
Comments
Mikehk
looks like it will break new highs before retracement
More