Bounce or Break?
$Hang Seng Index(800000.HK$
The Heng Seng index has been staying above a major trending support level for over 2 decades. This support level has been tested a few times in the past including the 2008 financial crisis. Each time the price reached this support level it would bounce hard back into an uptrend.
The Heng Seng index has been staying above a major trending support level for over 2 decades. This support level has been tested a few times in the past including the 2008 financial crisis. Each time the price reached this support level it would bounce hard back into an uptrend.
This time it looks a little different. Recently the price has broken down below this very long term support. The price came back up to retest the newly formed resistance. It looks like price is rejecting resistance to continue to the downside.
Any other time in history this area would be a great buy point. Is it different this time? What will happen? Will we BOUNCE BACK into an uptrend? Or will we BREAK DOWN further into the bear market?
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solo invest : That looks like an ugly double top after the first breakdown below that support in a long time.
SpyderCallOP solo invest: right. Double rejection.