Technical Update - Hang Seng
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Hang Seng gapped lower Friday morning closing a few points above 0.618 Fibonacci retracement at 20K. If Hang Seng closes below 19,665 down trend is confirmed and March lows around 18,235 is likely to be tested. RSI is back below 40 threshold strongly indicating this scenario to unfold.
To reverse the bearish picture a close above 21,292 is needed.
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