This trading week is ended with some results concerning Hang Seng
Index: the daily price was bounced from 21,903 support level to above for the ranging condition to be started within the primary bearish trend.
D1 price is located below Ichimoku cloud for the ranging within the following key s/r levels:
- 22,487 resistance level located in the beginning of the local uptrend as the bear market rally to be started, and
- 21,903 support level located far below Ichimoku cloud for the primary bearish trend to be resumed.
H4 price is on located on the bearish area of the chart for the ranging within the narrow s/r levels waiting for direction:
- Chinkou Span line is below the price indicating the ranging bearish trend in the near future.
- Absolute Strength indicator is estimating the flat.
- The nearest resistance level for the local uptrend as the secondary rally within the primary bearish is 22,487.
- The nearest resistance level for the bullish reversal is 23,008.
- The nearest support levels for the bearish trend to be resumed are 22,115 and 21,903.
If H4 price breaks 22,487
resistance level to above on close bar so the local uptrend as the bear market rally will be started.
If H4 price breaks 23,008 resistance level to above on close bar so we may see the reversal of the price movement from the bearish to the primary bullish market condition.
If H4 price breaks 22,115 support on close bar so the primary bearish trend will be resumed with 21,903 bearish target to re-enter.
If not so the price will be on bearish ranging within the levels.