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Technical Update - Hang Seng Index, China A50 future and Nikkei JP225

Equities 3 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Hang Seng and China A50 experienced a strong rebound but rejected at key resistance levels. Could resume downtrend
Nikkei JP225 still higher but indicator warning about trend exhaustion

Hang Seng Index HSI was once again rejected at 16,270. Currently testing short-term minor rising trendline but is likely to break it and resuming downtrend.
RSI is showing negative sentiment indicating HSI is likely to make new lows below 15K

Key strong support at around 14,863
For HSI to establish an uptrend a close above 16,410 is needed.

 

hsi d 1202
Source all charts and data: Saxo Group
hsi w 1202

China A50 future. 11,585 seems to be a key Pivot/resistance for China A50. Spiking above a couple of times only to close below indicates the resistance is too strong to break.

Down trend could very well resume. However, RSI is showing positive sentiment suggesting A 50 could have another go at the resistance level. A daily close above could very likely establish an uptrend that could take A50 up to next strong resistance at around 12,265

If failing to close above 11,585 and instead is sliding back below the 55 DMA dontrend is likely to resume. A close below 10,717 will confirm that scenario

 

a50 d 1202

Nikkei / JP225 cfd Short-and medium-term uptrend seems strong but there is RSI divergence warning about trend exhaustion.

JP225 is fast approaching the 2.00 projection of the Q3 2023 correction at 37,739 where after a correction could occur.

A close below 35,300 will confirm a reversal of the short-term uptrend.

jp225 d 1202

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