Hello Traders,
Hang Seng is trading below the two important zones which ranges from ~23700 (support) to ~26800 (resistance)! A break of both levels should have tremendous impact on the long-term chart picture!
Short term, I favour, that HS will run to the upper line of resistance at ~26800 area to re-test the level!
A break above that zone, should open the door to 27200 range, where an open gap has left by trading on July 23-26-2021! If this area should be taken off the market, the next challenge would be a break of the declining trend line (blue) that crosses 27200 zones on a weekly basis!
On the other hand! A close of the open gap at 25808 would open the door to 24800 range with more bearish potential if it should „fall“!
In this case, a test of the support range (green trend line) is next!
Have a great Sunday.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
Hang Seng is trading below the two important zones which ranges from ~23700 (support) to ~26800 (resistance)! A break of both levels should have tremendous impact on the long-term chart picture!
Short term, I favour, that HS will run to the upper line of resistance at ~26800 area to re-test the level!
A break above that zone, should open the door to 27200 range, where an open gap has left by trading on July 23-26-2021! If this area should be taken off the market, the next challenge would be a break of the declining trend line (blue) that crosses 27200 zones on a weekly basis!
On the other hand! A close of the open gap at 25808 would open the door to 24800 range with more bearish potential if it should „fall“!
In this case, a test of the support range (green trend line) is next!
Have a great Sunday.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!