Testing the Support Level. One to Zero.
HHKG33
Testing at strong support level at ¬20240 if it breached, the index is going to test 19753.
Hi ya!
How is everyone looking at Hang Seng Index and its performance last week?
From the 1h chart with MACD movement, seems the mometum is weakening, both index and indicator are in bearish crossover.
As mentioned in previous post, we prefer to see the index climbing up the staircase slow and steady which is more sustainable.
Nonetheless, for shorter tf swing trade continue to short. Manage position size and the bearish mode expecting to continue at least for this week.
Enter short position where tf 1m,5m,15m diverge and using JD line for confirmation of bearish momentum.
As you can see from the D chart, the movement and the momentum has been declining and we can see the MACD and signal line is crossing down. You may check other shorter tf 12h - 30m at point of writing ; the index and indicator are below the zero level.
With expectations of more stimulus from gov ; the investors still hesitate to take further position with the recent disappointment.
Sell the news, buy the dip! This pull back is healthy.
With longer tf W chart the index is on the uptrend, time is all we need.
Continue to monitor and set SL for all position.
Happy trading everyone!
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