hang seng index daily outlook for wed 02 sep bearish tone remains intact below 21400 1182642015
(Click to enlarge chart) What happened yesterday The Hong Kong 40 Index (proxy for the Hang Seng Index) did not shape the expected push up […]
(Click to enlarge chart) What happened yesterday The Hong Kong 40 Index (proxy for the Hang Seng Index) did not shape the expected push up […]
The Hong Kong 40 Index (proxy for the Hang Seng Index) did not shape the expected push up as per highlighted in our latest weekly outlook (click link for details) and plummeted directly.
Pivot (key resistance): 21400
Support: 20070 (weekly target)
Next resistance: 22250
Bearish technical elements remain intact for the Index. As long as the 21400 daily pivotal resistance is not surpassed, the Index is likely to shape a direct decline to test the significant 24 August 2015 low of 20070.
However, a clearance above the 21400 pivotal resistance may negate the bearish tone for a push up to test the short-term 25/27 August 2015 range top at 22250.
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