Hello Traders,
Hang Seng is going on with it`s advance, after pausing from 27340 on September 14! The aftermath following the „3-down“ to 26449, the Fibonacci 0.62 of the advance, is a rise to 27966, a resistance zone formed by the countertrend high of September 4 and todays high!
The slope of the advance makes the odds high for a new multidays to -weeks bull market with targets well above seen for shortterm. But note that RSI is strong overbought!
On a daily basii you will observe that was declining within a trendchannel. The upper boundary line crosses ~27700 area on Monday and make it first resistance. Any break above that level with a strong powerful move and a closing on daily basis will make this area possibly support!
There remains an open gap from the close at 28821-27962. This gap might be filled.
But before I have a targetzone at 28233 if the 28000 area will be outpaced!
Any break below the 26648 level will make this forecast less possible!
Have a great weekend...
ruebennase
Questions and Comments are welcome!
Note!---> This analys can be wrong. It is just in my view the one with the most probabiltity with the Data which are available to me and by my interpretation of the EW Theory. If you trade this it is done by your own risk and decision! Keep that in Mind!!!
Hang Seng is going on with it`s advance, after pausing from 27340 on September 14! The aftermath following the „3-down“ to 26449, the Fibonacci 0.62 of the advance, is a rise to 27966, a resistance zone formed by the countertrend high of September 4 and todays high!
The slope of the advance makes the odds high for a new multidays to -weeks bull market with targets well above seen for shortterm. But note that RSI is strong overbought!
On a daily basii you will observe that was declining within a trendchannel. The upper boundary line crosses ~27700 area on Monday and make it first resistance. Any break above that level with a strong powerful move and a closing on daily basis will make this area possibly support!
There remains an open gap from the close at 28821-27962. This gap might be filled.
But before I have a targetzone at 28233 if the 28000 area will be outpaced!
Any break below the 26648 level will make this forecast less possible!
Have a great weekend...
ruebennase
Questions and Comments are welcome!
Note!---> This analys can be wrong. It is just in my view the one with the most probabiltity with the Data which are available to me and by my interpretation of the EW Theory. If you trade this it is done by your own risk and decision! Keep that in Mind!!!