Hang Seng: Emerging Golden Cross on 1D. Buy opportunity.This is an update to our HSI position posted in November with regards to the bullish signal on a symmetrical pattern as seen below:
At the moment the 1D chart is on neutral price action (RSI = 51.993, MACD = 310.060, ADX = 31.212) which technically is a good buy signal. On top of that, a Golden Cross is about to take place on the 1D chart, which is an even stronger buy signal and if the price bounces off of it, it will make a perfect Channel Up.
The first Target of 29,000 has already been achieved. 29,500 and 30,200 are next based on the Symmetrical Resistance levels.
In September, 2019 we've made a similar analysis with targets based on Fibonacci retracements and is already near the first target:
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