Technical Update - Despite strong bounce in Hang Seng trend is still down
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Hang Seng broke below key support at 19,178 last week but jumped back above Friday. Trend is still down however, and RSI showing negative sentiment and with the new lower lows there is no divergence which indicates Hang Seng could see lower lows.
However, a bounce to test the short-term falling trend and possibly the 20K level is not unlikely before down trend is likely to resume.
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