Hong Kong Index (HSI): Potential Bearish Continuation
Published On: 30 October 2023, 09:15 AM | Jun Yuan Kwong, Dealer
Key Entry Price Pivot(s):
Short at level 17750, take profit at level 17400, stop loss at level 17900
Long above level 17950, take profit at level 18300, stop loss at level 17800
Looking at the daily chart of the Hong Kong Index (HSI), we can see that the price is in a downtrend channel.
Currently, the price is rejecting the support of the channel, and we may see the price extending towards the resistance of the channel and towards the 50 EMA.
We can potentially look for a short trade when it hits the resistance of the channel and the 50 EMA with a confluence of a bearish bar.