hong kong 40 daily outlook for friday 23 jan further upside potential has been validated 92202015

What happened today The Hong Kong 40 (proxy for the Hang Seng Index) has surpassed and registered a daily close above the weekly resistance at […]


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By :  ,  Financial Analyst
January 22, 2015 6:44 PM
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By :  ,  Financial Analyst

Hang Seng Index (1 hour)-daily forecast 23 Jan 2015What happened today

The Hong Kong 40 (proxy for the Hang Seng Index) has surpassed and registered a daily close above the weekly resistance at 24380/24470. Please click on this link for more details on our previous daily outlook.

Key elements

  • The Index is evolving within an ascending channel in place since 16 December 2014 with upper limits and lower limits at 25000 and 23830 respectively.
  • The 20-period Moving Average is supporting the Index at 24470.
  • The Stochastic oscillator still has some “room” before reaching its extreme overbought region.

Key levels

Intermediate support: 24470

Pivot (key support): 24270

Resistance: 24800 & 25000

Next support: 23830

Conclusion

A clear break above the weekly resistance at 24380/224470 has validated a potential further push up towards 24800 before 25000 as long as the 24270 pivotal support holds.

However, failure to hold above 24270 may negate the bullish tone for a slide towards 23830 (the lower boundary of the ascending channel).

Disclaimer

The information contained in this material is intended for general circulation only.  It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs.  Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.  All queries regarding the contents of this material are to be directed to City Index Asia Pte Ltd.

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