Asian Open Oil Rises After OPEC Meeting ISM Data Mixed
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What happened yesterday
The Hong Kong 40 (proxy for the Hang Seng Index) has managed to hold above the 24550 daily pivotal support as expected. Please click on this link for more details on our previous daily outlook.
Key elements
- The Index has managed to remain above the upper boundary of the short-term ascending channel in place since 16 December 2014 at 24550.
- The upper boundary of the ascending channel stands at around 25400 which also confluences with a Fibonacci projection cluster.
- The hourly RSI oscillator has manage to rebound from its support and 50% level which suggests that upside momentum has resurfaced.
Key levels
Pivot (key support): 24550
Resistance: 25400
Next support: 24350 & 24000
Conclusion
The bullish trend in place since 16 December 2014 remains intact for the Index. As long as the daily pivotal support at 24550 holds, the Index is likely to shape an upside movement towards 25400.
On the other hand, a break below 24550 may see a decline to test the current weekly pivotal support at 24350. Only a clear break below 24350 is likely to trigger a further slide towards 24000 in the first instance.
Disclaimer
The information contained in this material is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs. All queries regarding the contents of this material are to be directed to City Index Asia Pte Ltd.
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