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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). A quite aggressive move lower on
Monday. The gap down has taken us below the 200-day Moving
Average but the Hang Seng is good at filling gaps on the daily chart and this
is not likely to be an exception. If we do test the upside again the 200-day
line is likely to act as resistance so it bears watching. 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. The MACD is still pointing lower signaling a
further move down in the intermediate term. Better volume behind this latest little dip so
some profit taking perhaps. 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. In terms of the S&P 500. As per the last
chart you can see the correlation has turned high again and the 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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