hang seng index daily outlook for wed 17 june potential push up towards 2690027100 before new drop 7
<p>(Click to enlarge chart) What happened yesterday The Hong Kong 40 Index (proxy for the Hang Seng Index) has challenged the 26520 daily pivotal support […]</p>
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What happened yesterday
The Hong Kong 40 Index (proxy for the Hang Seng Index) has challenged the 26520 daily pivotal support (printed a low of 26405) before staging the expected rebound in the overnight session.
Please click on this link for a recap on our previous daily outlook.
Key elements
- The trendline resistance joining the highs since 26 May 2015 is now at 27100 which also confluences closely with the gap and the 61.8% Fibonacci retracement of the recent down move from 12 June 2015 high to the current 16 June 2015 low.
- The hourly Stochastic oscillator still has some room left before reaching its extreme overbought level.
Key levels
Intermediate resistance: 26900
Pivot (key resistance): 27100
Support: 26400 & 26000
Next resistance: 27330 (weekly pivot)
Conclusion
The medium term bearish down move since 27 April 2015 high remains intact and the short-term corrective rebound is coming close to its expected target at 27100. Therefore, current technical elements suggest that the Index may push slightly higher towards the 26900/27100 resistance zone before another down leg occurs to retest the 16 June 2015 minor swing low at 26400.
However, a break above the 27100 daily pivotal resistance is likely to negate the bearish tone to see a push up to test the 27330 weekly pivotal resistance.
Disclaimer
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