FITCH NEWS - TRADABLE MAINLAND REAL ESTATE INDEX - HKG - DAILYCool down on big news as we can see, by zooming out, that the increasing price have found strong resistance and started a durable wide range.
The range is clear in this chart, the top is illustrated by the blue line and the bottom by the black line.
The bleu line is a resistance tested multiple times , repeat failed attempts leading to a price fall and possibly weakening the uptrend chances believes.
The red arrow shows probably where the biggest failure has happened. Mega high volumes and a nice wig.
The black line represents a probably super strong support. Beware of fake breaks, it has happened in the past.
The little dotted line shows possibly how the price is evolving trying to get out of the range.
Fitch news has created an interest about what impact this could have globally. For the moment zooming out we can see that it is just lot of noise for not much as this level have been reached several times before and was expected.
Now it is probably more convenient to observe this black line level and see what happen. High volumes involved would show a clear direction. Daily, Weekly, monthly : yes, but not to be observed in hourly.
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Thanks for the like and shares, really appreciated! This idea is not a financial advice but just a sentiment.
