This will pass
Aktualisiert
With the latest news from WHO declaring the coronavirus as a global health emergency, the world is watching China, especially the city Wuhan.
To all the Chinese out there who are fighting this virus, I want to say - keep the spirit high. Protect yourself and your family. I am confident this too will pass and a better tomorrow awaits for all.
To those who are spreading false news and rumours whether out of fear or malicious damage, please stop and spare a thought for those who are fighting for their lives and those working tirelessly in the forefront, the medics, doctors, nurses, healthcare professionals ,etc. They too have elderly parents, kids to worry about. These unsung heroes kept on fighting despite the pressure mounting and the false accusations thrown at them. For God's sake, no human being is perfect and rather than blaming the government, those who eat live animals, or passing racist remarks, do something useful. If you have money, donate by buying medical supplies or volunteer to help out. If nothing else, stop listening to the negativity and worse, do not forward nor add on. It is adding fuel to the fire which the world needs less of now. Have a heart, people !
Ok, back to the chart.
The first dotted bullish trend line is broken down and if you had shot from the pink rectangle area, ie. 28400 to current price of 26531, you would have amassed quite a good profits. Congratulations.
The second bullish trend line is where the current price sits at and it is at this inflection point that HSI must rebound. If not, there are 4 support zones for it to retest. Taking the worst case scenario, if it did falls through the crack and retest the lowest support level at 24921, then HSI would have suffered nearly 15% loss from its 2nd peak at 29819.
SARS , the closest we can benchmark took about 4 months (Jan to Apr 03)and the damage was around 15% loss as well.
So, I will be monitoring this closely and update as frequently as I can. Meanwhile, my prayers will go out to the people in Wuhan and China who are going through this crisis. This too will pass......
To all the Chinese out there who are fighting this virus, I want to say - keep the spirit high. Protect yourself and your family. I am confident this too will pass and a better tomorrow awaits for all.
To those who are spreading false news and rumours whether out of fear or malicious damage, please stop and spare a thought for those who are fighting for their lives and those working tirelessly in the forefront, the medics, doctors, nurses, healthcare professionals ,etc. They too have elderly parents, kids to worry about. These unsung heroes kept on fighting despite the pressure mounting and the false accusations thrown at them. For God's sake, no human being is perfect and rather than blaming the government, those who eat live animals, or passing racist remarks, do something useful. If you have money, donate by buying medical supplies or volunteer to help out. If nothing else, stop listening to the negativity and worse, do not forward nor add on. It is adding fuel to the fire which the world needs less of now. Have a heart, people !
Ok, back to the chart.
The first dotted bullish trend line is broken down and if you had shot from the pink rectangle area, ie. 28400 to current price of 26531, you would have amassed quite a good profits. Congratulations.
The second bullish trend line is where the current price sits at and it is at this inflection point that HSI must rebound. If not, there are 4 support zones for it to retest. Taking the worst case scenario, if it did falls through the crack and retest the lowest support level at 24921, then HSI would have suffered nearly 15% loss from its 2nd peak at 29819.
SARS , the closest we can benchmark took about 4 months (Jan to Apr 03)and the damage was around 15% loss as well.
So, I will be monitoring this closely and update as frequently as I can. Meanwhile, my prayers will go out to the people in Wuhan and China who are going through this crisis. This too will pass......
Anmerkung
for some reason, i think this is a "dead cat bounce' and it is unlikely to go further up. I could be wrong especially when there is massive fear in the market and the big boys are coming in to buy though i am not hopeful , as yet. Let's see the next day candle and we would be more certain of the direction.
Anmerkung
While I was overly focused on the negative side of things - the virus and how it will impact so many businesses, the Chinese Government throw in a spanner that truly turn around the stock market today !cnbc.com/2020/02/06/china-to-halve-tariffs-on-hundreds-of-us-goods.html
Anmerkung
I did not expect to come back to this chart to update, hoping my analysis was wrong. Now, it is sitting on the last level of support at 24921.30 with 2 levels of support gap open to be filled up. If you wish to long, be careful as general market sentiments is uncertain and bearish, at least for now. So, being a contrarian , you need to take on the risks and have a clear idea what you are doing. Do not attempt to be a hero to have your account become zero.
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