HS50 - 24h expiry - We look to Sell a break of 19635 (stop at 19860)
Selling posted in Asia.
Selling pressure dominated price action yesterday and we expect this to continue today.
Previous support located at 19635.
The medium term bias remains bearish.
Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 19635,...
Honk Kong 33 Short Order
Entry: 28,267.8
TP & RR: 27,881.1 (1.5)
Stop Loss: 28,525.9
REASONS FOR THE TRADE
I hate to open a position against the trend, but I believe that the price will respect the upper trendline and reverse to test the lower trendline. The Stop Loss is set just above major resistance, so if we do get hit it's very likely that the price...
HK33HKD is on a downtrend channel and the recent bull rally is hitting the top of the channel.
The sell opportunity should be setup soon before Chinese New Year.
HK33HKD is approaching our first resistance at 29034.0 (horizontal overlap resistance, 50% fibonacci retracement) where a strong drop might occur pushing price down to our major support at 27444.0 (38.2% fibonacci retracement, horizontal swing low support).
Stochastic (89,5,3) is also approaching resistance where we might see a corresponding drop in price.
