Access both platforms from your single Saxo account.
Technical Update - Hang Seng Index & China A50
Hang Seng Index is bouncing around in the strong resistance area 18,195-18,445. 18,250 is the support/resistance level going back to 2016 – see monthly chart level
A close above 18,445 is needed for further upside to test the upper falling black trendline and possibly 20K.
If Hang Seng fails to close above 18,445 support at 17,120 could be tested over the next few days.
A close of the gap will result in down trend resumes.
Daily RSI is above 60 indicating higher levels could be seen. The Index seems to be on a knife’s edge
A close above 18,445 is needed for further upside to test the upper falling black trendline and possibly 20K.
If Hang Seng fails to close above 18,445 support at 17,120 could be tested over the next few days.
A close of the gap will result in down trend resumes.
Daily RSI is above 60 indicating higher levels could be seen. The Index seems to be on a knife’s edge
FTSE China A50 future has been trading in a rising channel during the past few weeks of rebound. Now being rejected at 55 daily SMA, the 0.618 retracement of October bear market and the 0.382 retracement of the July-October down trend.
Daily RSI has failed to close above 60 i.e., still showing negative sentiment. A50 seems likely to drift lower resuming downtrend.
To extend the rebound a close above 12,682 is needed. However, if that scenario plays out upside could be limited. The upper falling black trendline will provide resistance and 100 and 200 SMA’s will put a lid on the price.
Strong resistance at around 13,500.