Hong Kong Index (HSI): Potential Bearish Continuation

Published On: 30 October 2023, 09:15 AM | Jun Yuan Kwong, Dealer

Key Entry Price Pivot(s):
  • 17750

  • Recommended Trade:
  • Short at level 17750, take profit at level 17400, stop loss at level 17900

  • Alternative Case:
  • Long above level 17950, take profit at level 18300, stop loss at level 17800

  • Remarks:
  • 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.