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Technical Update - Hang Seng breaking bullish. Potential to +18,000

Equities 1 minute to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

  • With the close above key resistance the Hang seng Index - and the HK50 cfd - is set for a bullish move towards 18,000 possibly higher 

Hang Seng Index closed Wednesday morning just above key resistance at around 17,135.

The strength indicator, RSI closed back above the 60 threshold supporting the confirming Hang Seng has established a bullish trend that could take the index  resistance at around 18,173

The declining daily 200 moving average will give some resistance but most likely not strong enough to keep the Index from progressing to 18K

To demolish this bullish scenario a close below 16,341 is necessary

hsi d 1004
Source all charts and data: Saxo Group

HK50 CFD is testing its resistance at around 17,159. However, RSI closed above 60 threshold supporting a bullish trend with potential up to around 18,000-18,330

A daily close below 16,330 will demolish the bullish picture

 

hk50 d 1004

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