hang seng index daily outlook for tues 09 june double top bearish breakout 681172015
<p>(Click to enlarge chart) What happened earlier The Hong Kong 40 Index (proxy for the Hang Seng Index) has drifted lower and traced out a […]</p>
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What happened earlier
The Hong Kong 40 Index (proxy for the Hang Seng Index) has drifted lower and traced out a series of “lower highs”.
Key elements
- The Index has an intraday bearish break down below the neckline support of the “Double Top” configuration at 27200.
- The next support to watch will be at 26900 which is the pull-back support of the former long-term ascending channel breakout that has occurred in 08 April 2015.
Key levels
Pivot (key resistance): 27255
Support: 26900 & 26530
Next resistance: 27690
Conclusion
As long as the 27255 daily pivotal resistance is not surpassed, the Index is likely to see a further slide to retest the 26900 level.
On the other hand, a break above 27255 is considered as a failure bearish breakout and a push up may materialise to test the short-term trendline resistance joining the highs since 26 May 2015 at 27690.
Disclaimer
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