Technical Update - Hang Seng and ASX 200
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Hang Seng gapped lower Monday closing just above 55 SMA. A close below 20,885 and down trend has resumed. Next support is at around 19,878. If RSI closes below rising trend line a break below 40 is likely. That would mean showing negative sentiment and lower levels are to be expected.
ASX200 closed Friday within a few points of May lows at 6.930. Market was closed Monday. When opening Tuesday ASX 200 is likely to trade lower. Next key support at 6,758-6,740
Overall trend is down (weekly chart) and if closing below 6,740, 6,511 is next key support.
RSI is below 40 indicating lower levels i.e. 6,511 is not unlikely going in to July. To reverse the very bearish picture a close above 7,290 is needed.
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