Technical Analyst, Saxo Bank Group
Hang Seng Index (HSI) is dropping like a stone. There is no strong support before around 11,345. Minor support at 13,465. As previously described Hang Seng seems to be unwinding a long-term Shoulder-Head- Shoulder formation with a potential target of 8,500.
RSI is supporting the strong bearish outlook on both short-, medium- and longer-term.
FTSE China A50 future (A50) has broken below key strong support at 11,498. No strong support until around 10,160 which is also around the 1.764 projection of the Q2-Q3 correction. A50 is likely to test the lower trendline in the falling channel.
No divergence on RSI weekly supporting the picture of lower levels on A50.
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