Hello Traders,
Hang Seng topped on the week of February 16 at 31183 (intraday high) and shows a corrective setback to 27505 (intraday low) on March 27. Closing low was at 28336! Note this important level.
The following candle is a „bullish-engulfing“, a good buying chance and a possible reversal in trend has occurred!
The daily chart shows a typical reversal pattern. Price declined to the possible wave ((iv)) ow with a gap-down, but closed the day in positive territory. The next day opened with a gap-up, what is a bullish sign and since, price has risen to 28938. So the level to watch is at 27505!
In the bullish case, HS will rise to 29575 are in the coming days, as long as the low at 28043 is valid.
Declining below this area would open the door to 27505 and a break of it, will bring more bearish potential into focus.
Have a great Easter weekend....
Ruebennase
Feel free to ask anytime!
Trading this analysis is at your own risk!
Hang Seng topped on the week of February 16 at 31183 (intraday high) and shows a corrective setback to 27505 (intraday low) on March 27. Closing low was at 28336! Note this important level.
The following candle is a „bullish-engulfing“, a good buying chance and a possible reversal in trend has occurred!
The daily chart shows a typical reversal pattern. Price declined to the possible wave ((iv)) ow with a gap-down, but closed the day in positive territory. The next day opened with a gap-up, what is a bullish sign and since, price has risen to 28938. So the level to watch is at 27505!
In the bullish case, HS will rise to 29575 are in the coming days, as long as the low at 28043 is valid.
Declining below this area would open the door to 27505 and a break of it, will bring more bearish potential into focus.
Have a great Easter weekend....
Ruebennase
Feel free to ask anytime!
Trading this analysis is at your own risk!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.