The 1325.60 points or 5.48% plunge for HSI last Friday was devastating.
Bulls are bleeding and Bears are laughing all the way to the bank..........
Next few weeks are going to be crucial and I think China has to "firewalk" carefully this time.
With Covid1-19 , it is facing a lot of pressures from many countries wanting an independent survey to be conducted on the source of Covid-19.
It's massive unemployment is another big headache that it has to take care of. Now, with this mess, Hong Kong is facing a lot of challenges.
Chart wise, we can see that it is nearing the next two levels of support. Once, it breaks down 22,400 (roughly), we are heading south , man. There will be no turning back.
If you have not short, please do not chase price as a 4 digit plunge is not ordinary and the market might retrace fiercely next week before it decides what to do next. Or , another gap down, who knows.....
Be cautious, this is not the time to play hero..
Bulls are bleeding and Bears are laughing all the way to the bank..........
Next few weeks are going to be crucial and I think China has to "firewalk" carefully this time.
With Covid1-19 , it is facing a lot of pressures from many countries wanting an independent survey to be conducted on the source of Covid-19.
It's massive unemployment is another big headache that it has to take care of. Now, with this mess, Hong Kong is facing a lot of challenges.
Chart wise, we can see that it is nearing the next two levels of support. Once, it breaks down 22,400 (roughly), we are heading south , man. There will be no turning back.
If you have not short, please do not chase price as a 4 digit plunge is not ordinary and the market might retrace fiercely next week before it decides what to do next. Or , another gap down, who knows.....
Be cautious, this is not the time to play hero..
Note
Praise Lord, the price has rebounded.
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Related publications
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.