Hello,
The HK50 is encountering strong resistance at the upper range, with price action showing difficulty breaking through, signaling a potential loss of bullish momentum. A bearish crossover at the zero line on the MACD further supports a possible downward move.
Trade Setup:
Entry Point: Enter a short position upon confirmation of a strong bearish candle at the current resistance, indicating a clear rejection.
Target 1: HKD 19,165 – a conservative level for initial profit-taking.
Final Target: HKD 16,766 – the primary downside target, aligned with key support and historical price action.
Stop Loss: Set above the recent high to guard against unexpected breakouts, maintaining disciplined risk management.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
The HK50 is encountering strong resistance at the upper range, with price action showing difficulty breaking through, signaling a potential loss of bullish momentum. A bearish crossover at the zero line on the MACD further supports a possible downward move.
Trade Setup:
Entry Point: Enter a short position upon confirmation of a strong bearish candle at the current resistance, indicating a clear rejection.
Target 1: HKD 19,165 – a conservative level for initial profit-taking.
Final Target: HKD 16,766 – the primary downside target, aligned with key support and historical price action.
Stop Loss: Set above the recent high to guard against unexpected breakouts, maintaining disciplined risk management.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
Free stock markets analysis Telegram channel:
t.me/stocksfromtechnicaleye
Paid trading group
patreon.com/thesharkke
Reliable broker
go.tradenation.com/visit/?bta=37130&brand=tradenation
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Free stock markets analysis Telegram channel:
t.me/stocksfromtechnicaleye
Paid trading group
patreon.com/thesharkke
Reliable broker
go.tradenation.com/visit/?bta=37130&brand=tradenation
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.