hang seng index daily outlook fri 23 oct minor pull back before new rise above 22780 support 1642712
(Click to enlarge charts) What happened yesterday The Hong Kong 40 Index (proxy for the Hang Seng Index) has rallied in the European session and […]
(Click to enlarge charts) What happened yesterday The Hong Kong 40 Index (proxy for the Hang Seng Index) has rallied in the European session and […]
The Hong Kong 40 Index (proxy for the Hang Seng Index) has rallied in the European session and in today’s morning session; it has tested the 23170 short-term pivotal resistance before staging a minor retreat.
Please click on this link for a recap on our previous daily outlook.
Pivot (key support): 22780
Resistance: 23500/23600 & 24000
Next support: 22260/22180
Based on inter-market relationships/observations, the probability of a “deeper pull-back” scenario has been reduced. Right now, any potential pull-back is likely to be held by the 22780 daily (short-term) pivotal support for another round of upside movement to target the 23500/23600 resistance.
However, a break below the 22780 pivotal resistance is likely to negate the bullish tone to see another round of choppy price action to retest the key medium-term support at 22260/22180 (the neckline of the “Double Bottom” bullish breakout).
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