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Where Hang Seng Index Rally Heading?

Where Hang Seng Index Heading?

Hang Seng Index follows Dow and ??? ( Akan Datang). Says Daryl Guppy, who wrote an analysis on the index yesterday.

Key points to note:


  1. Hang Seng is trading within a broadly defined trading band.

  2. The lower edge of the band is near 11,000.

  3. The upper edge of the band is near 15,500 which acts as strong resistance/support level.

  4. The key to a continuation breakout is the ability of the market to test and retest 15500 as a support level.

  5. The width of the trading band is used to calculate potential downside and upside targets.

  6. The strong breakout above 15500 has an initial upside target near 20,000 which is near the 20400 historical support and resistance. There is a low probability the market will quickly move to these levels. There is an historical support/resistance level near 18500.

  7. Traders will watch for a retest of the upper edge of the trading band acting as a support level near 15500.

  8. The downside target for this trading band pattern is near 6500. This takes the market back to 1996 lows. There is a now very low probability of the market breaking to the downside.

  9. The development of the broad trading band is consistent with the consolidation and trend reversal behaviour seen in the Shanghai market.

  10. Traders will continue to treat this as a rally, retreat and rebound trading opportunity.


Ting, Ting, Ting! Do the above (item 7) ring a bell?

Do you notice the Chart of Hang Seng Index is very similar to Straits Times Index? So you know what to expect for Straits Times Index (item 7).

So you know what to expect for Dow (item 7) since Hang Seng follows Dow!



So who else does Hang Seng Index follow? To be continued...


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