Technical Update - Hang Seng/HK50
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Hang Seng bounced strongly Friday ending the session a few points below resistance at 21,221. If Hang Seng closes above 21,588 the short term down trend has been reversed and a move towards 22,500 is likely. However, sentiment is still negative and selling pressure could very well resume. IF Hang Seng closes below 20,786 consider the bear trend to resume.
HK50cfd (Hang Seng future) is testing resistance around 21,100. A close above 21,591 is likely to lead to a retest of 22,653 key resistance.
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