Technical analysis for Hang Seng Index
Technical analysis for Hang Seng Index.
From the weekly chart, the Hang Seng Index rebounded at 14597.31 in Oct 2022 which is near the Jun 1999 high. It rose to the downtrend line and fell to the uptrend line which provided support. It is quite close to the apex of the triangle formed by the downtrend and uptrend lines. The index may break out in a few months time.
From the daily chart, you can see that the index is trading in a downtrend channel. It may be forming an inverse head and shoulders pattern. The MA100 is providing resistance. This pattern will be confirmed by a bullish breakout of the downtrend channel. Otherwise, it may get rejected at the channel resistance and trade within the downtrend channel.
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Momentum Trader : Nice. I’m bullish 2024 HK market. So far signals are pointing to recovery phase
bullrider_21OP Momentum Trader: Thanks. HK and China may start to recover this year.
bullrider_21OP : The MA100 is providing resistance.