This trading week is ended with some results concerning Hang Seng
Index: the daily bearish breakdown is going to be continuing for the week with 22,584 support level to be broken for the bearish breakdown to be resumed.
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:
- 23,409 resistance level located on in the beginning of the bullish trend to be started, and
- 22,584 support level located below Ichimoku cloud for the primary bearish trend to be resumed.
H4 price is on bearish breakdown to be below Ichimoku cloud: the price is breaking 22,584 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 ranging condition to be started within 22,584/22,723 narrow levels.
- The nearest resistance level for the local uptrend as the secondary rally within the primary bearish is 23,051.
- The nearest resistance level for the bullish reversal is 23,507.
- The nearest support level for the bearish trend to be resumed is 22,584.
If H4 price breaks 23,507
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 22,584 support so the primary bearish trend will be resumed.
If not so the price will be on bearish ranging within the levels.