HS50 - 24h expiry
Buying pressure from 16228 resulted in prices rejecting the dip.
The current move higher is expected to continue.
The bias is still for lower levels and we look for any gains to be limited.
We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower.
Further downside is expected although we prefer to...
Strong support formed, looking for a break higher with the rest of the world approaching ATHs. It's likely the property sector will likely receive some government support soon which should boost the sentiment.
In this analysis, I talk about how I used Elliott Waves to count the moves of Hang Seng Index from Jan 2018 to 24th Nov 2023.
The main points to take note are these:
1. The corrective move down in 2023 is over.
2. We are still in a minor corrective move down.
3. But a wave 3 up is round the corner and that it will be an explosive one.
4. The risk is low for this...
Looking for turnarounds or pivot points at the rectangles which are projected potential support and resistance zones. Preferred Japanese Candlesticks Patterns for potential pivot points are Harami and Engulfing patterns, but others will be taken into consideration.
Icons are potential price predictions which don't require a pivot point specifically at a rectangle...
So, HSI rallied more than 600 points yesterday ! Wow, it went to a high of 18103 , exceeding the 18,000 price level that I said must sustain above for the rally to continue.
We are currently 186 point down, having recovered much better than this morning with 300 points negative.
The meeting with President Biden and Xi was a good stimulus to the overall market....
From the chart, we can see the orange circle showing a series of multiple lows for the entire 2023. But the last circle in green , dated 1 Nov 23 could be a turning point.
Before we get too excited, a few things need to happen.
1. 1 Nov low was 17110 followed by 17, 193 on 10 Nov - a good sign
2. 6 Nov peak was 17,954 and the next few days has to surpassed...
HK50 consolidated all Friday.
And shows a Bear Trap on Monday Tokyo open.
Huge divergence.
This is a textbook setup.
I wont be surprised if it Goes Up!!!
the detail is shown in the above Idea.
I made this Idea based on Candlestick Analysis and Fibonacci Tool.
buyers are burned in red rectangle (0.5- 0.618 golden level retracement )
therefore we can expect that HSI index decrease step by step to 1.27 F to 1.618 F and Level 2 Is Spring of HSI Exchange.
The HANG SENG INDEX is the main indicator of the overall market performance in Hong Kong.
The index has underperformed the rest of the world since March 2020 and was among the worst performing indices globally from 2020-2022.
In October 2022 however the Index seems to have moved up in a 5 wave structure after having seen quite a freefall from Feb. 2021. This 5...
Traders may consider trading the HK50 (Hang Seng Index) in the long (buy) direction for several reasons:
Bullish Market Sentiment: If there is a prevailing bullish sentiment in the global or regional economy, it can positively impact the HK50. A long position aligns with the expectation that the index will rise, potentially resulting in profits.
Strong...
HS50 - 24h expiry
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
The 200 day moving average should provide resistance at 17520.
This is negative for sentiment and the downtrend has potential to return.
The hourly chart technicals suggests further upside before the downtrend returns.
We therefore, prefer...
HK50 is moving downward, heading to the $16800 level, the intermediate-term support level. The price may retest this level ahead of FOMC interest, after which it may rebound higher.
Just my 2 cents.
1. RSI Divergence from 2019-2023, similar to 2001-2003, something that looks interesting.
2. HSI retraced from 2018-2023, the longest correction from Monthly chart.
3. HSI has dropped ~47% from peak, which is quite safe to look for entry.
4. Will be waiting for news to stimulate HSI and also China indexes.
The HK50 index has been on a downward trend for the past 7 days, but today we witnessed a significant rebound, marking a potential shift in its trajectory. As a trading professional, I will provide you with a detailed technical analysis update on the HK50 chart.
Technically, the index has successfully surpassed the resistance level at 17,138 on the hourly chart....
