hong kong 40 daily outlook for friday 30 jan further potential push up expected above 24350 support

What happened earlier The Hong Kong 40 (proxy for the Hang Seng Index) has pull backed as expected from the 23-27 January 2015 range top […]


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By :  ,  Financial Analyst
January 30, 2015 10:58 AM
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By :  ,  Financial Analyst

Hang Seng Index (1 hour)-daily forecast 30 Jan 2015What happened earlier

The Hong Kong 40 (proxy for the Hang Seng Index) has pull backed as expected from the 23-27 January 2015 range top as expected.

Key elements

  • Current price action is coming close to the weekly pivotal support at 24350 which also coincides closely with the lower boundary of a short-term ascending channel (in orange) in place since 16 December 2014.
  • The 24350 support also confluences closely with a Fibonacci retracement cluster.
  • The short-term Stochastic oscillator is hovering close to its “extreme” oversold level.

Key levels

Intermediate support: 24510

Pivot (key support): 24350

Resistance: 25000

Next support: 23600

Conclusion

Elements suggest that the short-term decline in place since the start of the week is likely to reversal to the upside. As long as the weekly pivotal support at 24350 holds, the Index may see a recovery towards the range top at 25000 in the first instance.

On the other hand, failure to hold above 24350 is likely to trigger a deeper slide towards the next support at 23600.

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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