Hang Kong 50 Index CFD seems to start the new upmove
Medion Jim December 29, 2020 10:03 PM
A new upmove seems to start, What's the resistance level?
Hong Kong 50 Index CFD has a dull session during December as the index remains trading within the range of November. Currently, Hong Kong market rebound, lifted by the technology sectors, as the market digested the news of monopoly investigation of the largest technology company.
On the economic front, China's industrial profit was up 15.5% on year in November (+28.2% on year in October). Investors should focus on the official December Manufacturing PMI (52.0 expected) and Non-manufacturing PMI (56.4 expected), which will be released tomorrow.
Technically, the index, as shown on the daily chart, has broken above the flag pattern, indicating the resumption of the previous up move. In fact, the index is still supported by a rising trend line and the 50-day moving average.
The bullish readers could set the support level at 25800, while resistance levels would be located at 27100 and 28100.
Source: GAIN Capital, Trading View
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