Hang Kong 50 Index CFD seems to start the new upmove
Medion Jim December 30, 2020 3:03 AM
A new upmove seems to start, What's the resistance level?
Hong Kong 50 Index CFD has a dull session during December as the index remains trading within the range of November. Currently, Hong Kong market rebound, lifted by the technology sectors, as the market digested the news of monopoly investigation of the largest technology company.
On the economic front, China's industrial profit was up 15.5% on year in November (+28.2% on year in October). Investors should focus on the official December Manufacturing PMI (52.0 expected) and Non-manufacturing PMI (56.4 expected), which will be released tomorrow.
Technically, the index, as shown on the daily chart, has broken above the flag pattern, indicating the resumption of the previous up move. In fact, the index is still supported by a rising trend line and the 50-day moving average.
The bullish readers could set the support level at 25800, while resistance levels would be located at 27100 and 28100.
Source: GAIN Capital, Trading View
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.