hang seng index daily outlook for tues 31 mar risk of a short term push down profit taking below 251
<p>(Click to enlarge charts) Key elements The Index is now coming close to the key long-term significant resistance at 25150 which also coincides with the […]</p>
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Key elements
- The Index is now coming close to the key long-term significant resistance at 25150 which also coincides with the upper boundary of the short-term ascending channel in place since 13 March 2015.
- The lower boundary of the short-term ascending channel now stands at 24650.
- The hourly Stochastic oscillator has flashed a bearish divergence signal at its overbought region.
Key levels
Pivot (key resistance): 25150
Support: 24780 & 24650
Next resistance: 25390 & 25720
Conclusion
The Hong Kong 40 Index (proxy for the Hang Seng Index) is trading close to its key long-term significant resistance at 25150. Short-term Stochastic oscillator has turned toppish and as long as the 25150 resistance is not surpassed, the Index may see an initial push down to test 24780 before 24650.
However, a clear break above 25150 is likely to trigger a bullish breakout to target 25390 before 25720 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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