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

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

19 August 2016, 17:07
Sergey Golubev
4
110

D1 price is on primary bullish market condition with the ranging to be started yesterday: the price is located within 23,207 resistance level and 22,953 support level. Price is testing 22,953 support to below for the ranging area to be expanded.

H4 price is on bullish condition located within s/r levels with the secondary ranging trend to be started:

  • Chinkou Span line is located above the price for the ranging bullish trend to be continuing.
  • Absolute Strength indicator is estimating the trend to be on ranging condition.
  • The price is breaking 22,953 support level to below for the 22,754 level as a nearest target to re-enter.
  • The nearest resistance level for the bullish trend to be resumed is 23,207.
  • Nearest support levels are 22,754 and 22,120.

If H4 price breaks 23,207 resistance level so the primary bullish trend will be resumed.
If H4 price breaks 22,754 support so the local downtrend as the secondary correction within the primary bullish trend will be started.
If H4 price breaks 22,120 support so we may see the bearish reversal to be started for the intra-day price movement.
If not so the price will be ranging within the levels.

Resistance
 Support
23,20722,754
N/A
22,120

SUMMARY : bullish

TREND : ranging
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