hang seng index weekly outlook 21 sep to 25 sep continues to be sandwiched within range configuratio
(Click to enlarge charts) What happened last week The Hong Kong 40 Index (proxy for the Hang Seng Index) has attempted to inch higher but […]
(Click to enlarge charts) What happened last week The Hong Kong 40 Index (proxy for the Hang Seng Index) has attempted to inch higher but […]
The Hong Kong 40 Index (proxy for the Hang Seng Index) has attempted to inch higher but failed to break above the 22400 significant resistance (printed a high of 22260 on 16 September 2015).
Please click on this link for a review on our previous weekly outlook.
Intermediate support: 21310
Pivot (key support): 20860
Resistance: 22400 & 24000/24900
Next support: 20070 & 19400 (long-term)
The Index remains trapped in a sideways configuration between its significant range support at 21310/20860 and the neckline resistance of the impending “Double Bottom” at 22440. It needs to break above 22400 in order to trigger a potential rally towards the 24000/24900 resistance zone.
On the other hand, failure to hold above the 20860 weekly pivotal support is likely to see a slide to retest the “Black Monday”, 24 August 2015 low of 20070.
Source: Charts are from eSignal & City Index Advantage Trader
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