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Technical Update - ASX200 & Hang Seng Index

Technical Update - ASX200 & Hang Seng Index

Equities 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

ASX200 is in a short-term falling trend. RSI is showing negative sentiment indicating lower Index levels.
Strong support at around 6,900.

For ASX 200 to reverse the downtrend a close above 7,235 is needed. First indication of that scenario to play out would be a close above the falling trendline.

If that ASX closes above 7,235 a move to strong resistance at around 7,370 could be seen.

Source all charts and data: Saxo Group

Hang Seng is testing upper falling trendline following a strong rebound from 18K. If rejected and Hang Seng drops back below the 200 daily Moving Average a new low should be expected.
Daily RSI is key; will it be rejected at 60 or breaking above.

An Index close above the trendline and RSI close above 60 threshold could fuel a rally above 20K to resistnace at around 20,782. However, the declining 100 daily Moving Average and the Cloud area around 20K will provide resistance that can limit the upside.

Medium-term weekly chart Hang Seng is forming a falling wedge like corrective pattern.

Weekly RSI is bullish indicating likely bullish break out of the wedge pattern. If that scenario plays out there is upside potential to around 25K.
A bearish break out is likely to send the Index to test Q4 2022 lows.

 

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