Short-term technical outlook on Hang Seng/Hong Kong 50 Index (Tues 16 Apr)
Key technical elements
- The Hong Kong 50 Index (proxy for Hang Seng Index futures) has staged a decline of 2% to print a low of 29660 seen in yesterday, 15 Apr U.S. session from its 15 Apr Asian session high of 30296. Interestingly, yesterday’s pull-backed in price action has managed to hold right above the 29500 key medium-term pivotal support as per highlighted in our latest weekly technical outlook report (click here for a recap).
- Short-term elements have turned bullish where the 4-hour Stochastic oscillator has just inched up from its oversold region coupled with a bullish divergence signal seen in the 1-hour Stochastic oscillator after it hit an extreme oversold level.
- Current price action has surpassed yesterday, 15 Apr U.S. session high area of 29820 now turns into a near-term support.
Key Levels (1 to 3 days)
Intermediate support: 29820
Pivot (key support): 29500
Resistance: 30500/600 (Fibonacci expansion cluster)
Next support: 28470
Conclusion
If the 29500 key medium-term pivotal support continues to hold, the Index is likely to see a further potential up move to target the next intermediate resistance at 30500/600 in the first step.
However, failure to hold at 29500 invalidates the bearish scenario to kickstart a multi-day corrective decline towards the next support at 28470 (26 Mar 2019 minor swing low)
Latest market news
Yesterday 01:26 PM
Yesterday 01:00 PM
Yesterday 10:30 AM
March 27, 2024 11:52 PM
March 27, 2024 01:41 PM
March 27, 2024 01:14 PM