HKEX (0388.HK): Trading Opportunity
Published On: 14 April 2023, 5.30PM | Alex Lee, Senior Dealer
Looking at the weekly chart of HKEX, we can see that price is in a downwards channel and has broken the shorter-term upwards trend.
Currently, price is rejecting the resistance of the channel at HK$354.40.
We can look for shorts based on a shorter timeframe in confluence with the weekly timeframe bias. We may see price extending towards the support of the weekly channel.
However, a break above the resistance of the downwards channel may signal an overall shift to the upside and we may look for longs upon retracement.
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