Hang Seng Index (HSI): End Of Week Technicals - Bullish Ranging With Narrow Levels

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Press review

Sergey Golubev, 2016.08.24 11:48

USD/CNH Price Action Analysis - rdaily correction to be resumed or the bullish to be re-started (adapted from the article)

Daily price is located above 200 period SMA and 100 period SMA for the primary bullish with secondary ranging between Fibo support level at 6.6125 and Fibo resistance level at 6.7166:

• "The hold above 6.6500 seems likely to shift focus to intermediate resistance at 6.6860 followed by the 6.7 figure."
• "A break and hold above those recent highs may be required for bulls to really take control again."
  
• "A move to the downside may target the 6.6500 level again, followed by the July lows at 6.6224."

If daily price breaks Fibo support level at 6.6125 to below so the local downtrend as the secondary correction will be resumed.
If daily price breaks Fibo resistance level at 6.7166 from below to above so the primary bullish trend will be continuing with good possible breakout of the price movement.
If not so the price will be on bullish ranging within the levels.

• Recommendation to go short: watch the price to break 6.6125 support level for possible sell trade
• Recommendation to go long: watch the price to break 6.7166 resistance level for possible buy trade
• Trading Summary: ranging

SUMMARY : ranging