Technical Update - Hang Seng and China A50 uptrends testing key resistance levels Technical Update - Hang Seng and China A50 uptrends testing key resistance levels Technical Update - Hang Seng and China A50 uptrends testing key resistance levels

Technical Update - Hang Seng and China A50 uptrends testing key resistance levels

Equities 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank Group

Hang Seng jumped higher in Tuesday trading to test the resistance at around 17,135. An uptrend is now confirmed (higher highs and higher lows) with RSI closing back above the 60 threshold i.e., in positive sentiment.
A close above 17,135 is likely fueling another rally to 18,000-18,175 resistance.

The 200 Daily Moving Average will give some resistance where Hang Seng could pause in its uptrend for a moment. 
A daily close above 18,175 could push the Index higher to 18,845.

For Hang Seng to resume down trend a close below 16,095 is necessary

Source all charts and data: Saxo Group

HK50 cfd levels: Resistance at 17,159. A close above is likely to lift HK50 to the 200 Daily Moving Average but no strong resistance until around 18,338

Daily close below 16,079 will demolish the bullish picture

China A50 future seems to be trading in a rising channel like pattern currently testing resistance at around 12,280.
RSI is showing positive sentiment indicating likely higher levels for A50 with potential to 12,934, if it can close above 12,280

A daily close below 11,744 will demolish this bullish scenario

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