Hang Seng.....Important decision ahead!Hello Traders,
since my last analysis HS broke out to the upside with a 200 point gap ( I argued this) and made new highs.
The pullback from 27040.41 area, the „breakout high“ is a retest of the support, former resistance level. If HS confirm this level in the coming hours and days and made a new high above the 27040.41 level, we will get a new buy-signal!
As to observe at the graph is the clear „three-down“ from 27040.41 – 26322.68 area (red arrows)! That means, the next degree of trend is to the upside.
So, the important level on the downside is the 26322.68, the upside is 27040.41. Any break of these levels indicate further weakness or more bullish potential in the coming hours and days.
But keep in mind, that HS is now at a critical level (at 26782.62, brown trend line)! This area is important to overcome, too.
If HS is likely to break this area, the next target is the open gap, left by trading from the weekend on Feb. 21-24. This means a close of the gap should bring HS to 27308.81.
Have a great week.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
