ruebennase

HongKong..Violence in the streets of Hongkong support bulls!

INDEX:HSI   HANG SENG INDEX
Hello Traders,
some days ago, I wrote at my analyze of a „buying-signal“ for HangSeng, based on the Ichimoku-indicator. Furthermore, I wrote, that it could be possible, that HangSeng will „fight“ some days with this area of resistance, to overcome it.
This was exactly what happened the days after.
On Friday, HangSeng broke above the upper „Kumo-cloud“ (red line) with a massive bull-candle and indicates with a higher high (the highest since September 16) that now a new impulsive move is on the run. More evidence will be established, if a new high in the coming days occurs, with a break of the 27366 of September 13!
The Future-cloud (right hand of the chart) is now rising and indicates more bullish potential for the coming days ahead. Also notice the fact, that the cloud has become „green“which also makes this area one of support.
If so to come, a first target could be around the September 13 high @ 27366. Any push above this area has the potential top close the open gap at the chart from 27582-27565 from August 1!
Note, that the social mood in the street of HongKong is even at negative ratings and no one expects a rising stock market. But often this behavior indicates the complete opposite for the stock market.
So be prepared for a huge advance for HangSeng as long as the low at 24899 from August 15 is valid!

Have a great weekend.....
ruebennase

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Trading this analyze is at your own risk!