Hello Traders,
28000 area is hard resistance for Hang Seng. It failed to exceed the high of 27771 on February 18 and tumbled lower for the remainder of the week.
It closed an open gap, left by trading on February 10-11! One more open gap is from 26786-27174 from February 5-6!
At the bearish count, this open gap will be closed for HS and the index is ready to decline within a wave „3“to fresh multiweek lows. A good indication for this interpretation is the drop below the lower boundary of the rising trend channel, drawn at the right-hand corner chart.
The bullish idea could close this gap too, but after it will do so, HS will reverse and should advance to fresh new high`s within a wave „3“! Here, a good hint for this idea is the advance above that past high at 27959 (closing, blue arrow) from the trading on February 17! A daily close below this level is needed to support this idea!
Have a great weekend....
ruebennase
Feel free to ask or comment.
Trading this analysis is at your own risk!
28000 area is hard resistance for Hang Seng. It failed to exceed the high of 27771 on February 18 and tumbled lower for the remainder of the week.
It closed an open gap, left by trading on February 10-11! One more open gap is from 26786-27174 from February 5-6!
At the bearish count, this open gap will be closed for HS and the index is ready to decline within a wave „3“to fresh multiweek lows. A good indication for this interpretation is the drop below the lower boundary of the rising trend channel, drawn at the right-hand corner chart.
The bullish idea could close this gap too, but after it will do so, HS will reverse and should advance to fresh new high`s within a wave „3“! Here, a good hint for this idea is the advance above that past high at 27959 (closing, blue arrow) from the trading on February 17! A daily close below this level is needed to support this idea!
Have a great weekend....
ruebennase
Feel free to ask or comment.
Trading this analysis is at your own risk!