hang seng index daily outlook for wed 05 aug potential push up towards 24900 short term range top 96

(Click to enlarge charts) Key elements The Hong Kong 40 Index (proxy for the Hang Seng Index) has continued to trade within a short-term sideways […]

(Click to enlarge charts)

Key elements

The Hong Kong 40 Index (proxy for the Hang Seng Index) has continued to trade within a short-term sideways configuration since hitting a low of 24007 on 27 July 2015 @9pm.
The trendline resistance joining the highs since 21 July 2015 high @1pm is now at 24900 which also confluences with the range top of the sideways configuration.
The hourly RSI oscillator remains positive as it continues to hover above its trendline support and 50% neutrality level

Key levels

Pivot (key support): 24000

Resistance: 24900

Next support: 23450 (weekly pivot)

Conclusion

Current technical elements are still advocating for a range bound trading environment for the Index. As long as the 24000 daily pivotal support is not broken,, the Index is likely to stage another potential assault to retest the range top at 24900.

On the contrary, failure to hold above the 24000 short-term key support may open up scope for a slide to test the weekly pivotal support at 23450 (please click on this link for more details on our latest weekly outlook).

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