Hang Seng Index: End Of Week Technicals - secondary correction to be started

Hang Seng Index: End Of Week Technicals - secondary correction to be started

29 July 2016, 20:42
Sergey Golubev
5
114

This trading week ended with some interesting results so let's describe some of the interesting moments for HSI.

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D1 price and H4 price are located on the bullish area of the chart with the ranging within key narrow s/r levels. The secondary correction is going to be started if the price breaks 21,841 support level to below on close bar with 21,666 target to re-enter, otherwise - ranging bullish trend will be continuing.

Chinkou Span line is located above the price indicating the correction to be started in the near future for both timeframes, and Absolute Strength indicator is estimating the local downtrend in the secondary ranging way within the primary bullish market condition.

If H4 price breaks 21,841 support level on close bar so the local downtrend as a secondary correction within the primary bullish market condition will be started with 21,666 target to re-enter.
If H4 price breaks 22.324 resistance level on close bar from below to above so the primary bullish trend will be resumed.
If not so the price will be on ranging bullish within the levels.

Resistance
 Support
22.32421,841
N/A
21,666

SUMMARY : bullish

TREND : correction
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