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Reuters HANG SENG Technical Analysis – By Phil Smith |
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Daily Charts |
Weekly Charts |
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Near
term (daily chart). The price action butting up against the
upper Bollinger Band on Tuesday following the gap up on Monday. Remember the
Hang Seng is good at closing gaps. The MACD is
still pointing to a firmer intermediate trend while the Slow Stochastic is
crossing at the top for a downturn signal. The interplay between the two has
been good with the SS showing the very short term trends and the MACD the intemediate trends. The high Wall Street correlation is still
dominating but it is coming off slightly as you can see from the lower chart.
A nice topping pattern is now completed as per
the upper chart and the neckline I’ve drawn in. The target from the topping
pattern is around 18,000 as the top pattern itself is quite shallow. We have
broken above the neckline slightly but I think the pattern is still good.
Interesting how the market is hanging around the 200-day Moving Average. As with all the world’s stock markets, the rally
since the major turn from the big bear market has been significant and
consolidation is the watchword not further gains. See the glossary link above for an explanation of the studies used above. |
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Reuters Market Technicals By |
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