Hang Seng - The Rebound found resistance
Hang Seng rebound strongly with fresh measure announced to ease funding for private companies.
The strong rebound brought price to 26222 level. On the left chart, price reached one third of previous downswing (important fibonacci retracement level), also hovering around previous downward channel line. On the right 60 mins chart, yesterday rebound reached 5 golden ratio multiples and quickly retraced. Both charts in different time frame were suggesting the rebound hitting major resistance. And Hang Seng have not prove to be trend reversal, market remain bearish.
The current price projection from 26222 level as follow:
25917 short tern support for selling
If price trade below 25917, next target at 25729.
If price trade below 25729, next target at 25424
The strong rebound brought price to 26222 level. On the left chart, price reached one third of previous downswing (important fibonacci retracement level), also hovering around previous downward channel line. On the right 60 mins chart, yesterday rebound reached 5 golden ratio multiples and quickly retraced. Both charts in different time frame were suggesting the rebound hitting major resistance. And Hang Seng have not prove to be trend reversal, market remain bearish.
The current price projection from 26222 level as follow:
25917 short tern support for selling
If price trade below 25917, next target at 25729.
If price trade below 25729, next target at 25424
Trade closed: target reached:
Price reached 25729, selling remain strong.
Trade closed: target reached:
Price reached second target 25424, based on the projection, price below 25424 will see 24930.
Comment:
Price trade below 25424, next target at 6 golden ratio multiples 24930.
Comment:
Price trade below 24930, next target at 6 golden ratio multiples 24132
