hang seng index daily outlook for tues 14 apr potential pull back below 2800028170 469212015
<p>(Click to enlarge chart) What happened yesterday The Hong Kong 40 Index (proxy for the Hang Seng Index) has pushed up and challenged our 28000 […]</p>
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What happened yesterday
The Hong Kong 40 Index (proxy for the Hang Seng Index) has pushed up and challenged our 28000 weekly pivotal resistance (printed a high of 28168 in the overnight session yesterday) (please click on this link for more details on our latest weekly outlook).
Interestingly, it has gapped down close to 300 points in today’s opening session.
Key elements
- The hourly RSI oscillator has flashed a bearish divergence signal and it is now attempting to break below its trendline support (in dotted green).
- The 26900 support also corresponds closely with the 23.6% Fibonacci retracement from 13 March 2015 low to 13 April 2015 high.
Key levels
Pivot (key resistance): 28000/28170
Support: 26900
Next resistance: 28600
Conclusion
As long as the 28000/28170 pivotal resistance is not surpassed, the Index is likely to see a push down to test the 26900 support in the first instance.
On the other hand, a clearance above 28000/28170 may see the continuation of the on-going “steep” bullish trend to target the next resistance at 28600.
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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