This trading week is ended with some results concerning Hang Seng Index: the price broke Ichimoku cloud to below to be reversed from the ranging bearish market condition to the primary bullish trend. The price is breaking 22,927 support level to below for the bearish trend to be continuing with 22,768 daily bearish target to re-enter.---------
D1 price is located below Ichimoku cloud for on the bearish area of the chart to be located within the following key s/r levels:
- 23,657 resistance level located on in the beginning of the bullish trend to be started, and
- 22,768 support level located below Ichimoku cloud for the primary bearish trend to be resumed.
H4 price is on berish breakdown to be below Ichimoku cloud: the price is breaking 22,927 support level to below for the bearish breakdown to be continuing:
- Chinkou Span line is below the price for the bearish breakdown by the direction.
- Absolute Strength indicator is estimating the bearish trend to be continuing.
- The nearest resistance level for the bullish reversal is 23,652.
- The nearest support level for the bearish trend to be resumed is 22,927.
If H4 price breaks 23,657 resistance level so the reversal of the price movement from the ranging bearish to the primary bullish market condition will be started.
If H4 price breaks 22,927 support so the primary bearish trend will be resumed.
If not so the price will be on bearish ranging within the levels.