The Hang Seng Index had a boosting rally a couple of weeks ago, but lost its hold at the top of the channel and had been working its way down slowly since. Unlike the STI, the HSI appears relatively stronger given the environment and situations it has been in, particularly over the past year and a half.
It is a t the lower end of the channel, and candlesticks indicate a slight push down to test the support, followed by a bounce, and a likely fail about two or three weeks later... the downside fallout could come earlier, but there is little now to trigger it, albeit a surging COVID-19 cases in the territory.
Ominous weeks to follow, watch for bounce or failure.
It is a t the lower end of the channel, and candlesticks indicate a slight push down to test the support, followed by a bounce, and a likely fail about two or three weeks later... the downside fallout could come earlier, but there is little now to trigger it, albeit a surging COVID-19 cases in the territory.
Ominous weeks to follow, watch for bounce or failure.