Friday, July 2, 2010

Where is Hang Seng Index Heading?

Daryl Guppy wrote an analysis on the Hang Seng Index on June 30 2010.

Below is a summary of key points to note:

  1. Weekly chart shows the failure of the development of the cup and handle pattern, indicating the market has lost momentum. When the right side of the cup hit the lip at 22,500, it collapsed rapidly.

  2. Valid pattern is the trading band, with target support level near 19,500 and upside target near 22,500.

  3. Market moves into a prolonged sideways trading pattern. Failure to move above midpoint at 21,000 is bearish. A fall below 19,500 gives bearish target near 17,800.

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