hang seng index daily outlook for fri 15 may pull back before bounce up towards 27840 612652015
<p>(Click to enlarge chart) What happened yesterday The Hong Kong 40 Index (proxy for the Hang Seng Index) has pushed higher from the 27170/27100 as […]</p>
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What happened yesterday
The Hong Kong 40 Index (proxy for the Hang Seng Index) has pushed higher from the 27170/27100 as expected in the overnight session.
Please click on this link for a recap on our previous daily outlook.
Key elements
- The hourly Stochastic oscillator has just exited from its overbought region and still has room for further downside potential before reaching its “extreme” oversold level.
- The Index is capped below by a short-term trendline resistance joining the highs since 27 April 2015 at 27840.
Key levels
Pivot (key support): 27170/27100
Resistance: 27840 & 28060
Next support: 26900
Conclusion
Observation from the hourly Stochastic oscillator suggests that the Index is likely to see a pull-back first above the 27170/27100 daily pivotal support before a potential push up towards 27840.
However, failure to hold above 27170 may invalidate the expected push up scenario for a further slide to test the 26900 weekly pivotal support.
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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