HSCEI update on 20210217Keep moving on the roof of the ascending channel. Since broke the long term down trend last Q4, HSCEI keeps strong. The next stop would be the down trend started from 2015. It is around 12800. Keep 100% Long position.
Hongkongstocks
Sunny Optical 2382:HK hits 10 MA. Bounce time!Sunny Optical 2382:HK has pulled back to hit its 10 day MA which it has historically respected.
It also happens to converge on the bottom of its regression trend channel at $210. There is currently some indecision in the market, but if it trades up tomorrow, it would be a good time to get in, with an initial TP of $223.40 where you might release half.
I expect it to hit north of $250 before retracing - though that may take some time.
If I was a punter, I'd be looking out for a bullish harami in the coming days.
Greatwall Motors 2333:HK bouncing off support - quick 10% Greatwall Motors 2333:HK has been unstoppable since as early as last July.
It's made a pullback over the past month. It has bounced off support of 23.15, and has just broken through resistance of 25.50.
If it is to follow the current trajectory, there should be a quick 10% rebound in the coming days to next resistance at 28.30, with a medium-term TP of 33.00.
If that's not enough, a couple of investment banks have set their TP at a range of $35-$40. Plus, 2333.HK are buying into the chip market. The latter point is significant because it panders to central government policy.
Only caveats here:
Most of China is on holidays for the next 10 days, so things might slow down a bit - but that might also suggest less competition to get in, if you were so inclined, and...
DYOR always.
HKEX:2196 Fosun Pharma retrace and re-entryAfter a flood of southbound cash into the HK bourse yesterday, HKEX:2196 Fosun Pharma shot up to resistance level at 38.95 within four trading days. Probably a little too much excitement for this particular stock. This was not expected on my part, but very welcome. I took profit as soon as I saw that this resistance level held.
Based on these charts, I would wait for entry when the price pulls back to support at 36.50, which also roughly stacks with the 20 EMA and sits nicely within its current uptrend channel .
I still believe it will reach $40-$41 in the near term.
HKEX:868 Xinyi Glass awaiting break of short-term structure for HKEX:868 Xinyi Glass has formed a flag pattern in the past two weeks. This sits within an uptrending regression channel. It should rebound off $19.26, and then, if it breaks out of the short-term down channel (marked by the two red lines), and hits resistance level 20.64, I expect it to rocket up to~$23.50. Timeframe ~21 trading days.
HKEX:686 BJ Energy Intl pushes past resistance uptrendHKEX:686 BJ Energy Intl has been uptrending since July, albeit spasmodically. It has become a bit more consistent since early November.
It just bounced off support (false break) level of 26.
If I was a gambling man, this will proceed up to $30, retrace to around $28.5 and then bounce again to $33. Timeframe ~10 days
RSI just hit 51. Good entry.
Low volumes tells me this is a reliable trend.
Honk Kong 33 Ascending Channel - Short PositionHonk Kong 33 Short Order
Entry: 28,267.8
TP & RR: 27,881.1 (1.5)
Stop Loss: 28,525.9
REASONS FOR THE TRADE
I hate to open a position against the trend, but I believe that the price will respect the upper trendline and reverse to test the lower trendline. The Stop Loss is set just above major resistance, so if we do get hit it's very likely that the price will continue trending up.
The Market Flow indicator is not giving me a signal yet, still showing some strength, so if the trade setup is correct then it should start reverting soon.
HONG KONG UNDER RESISTANCE AND LOOKS BEARISHHello Traders,
Hong Kong is going through some troubling times right now. To summarize very briefly, Hong Kong has been its own entity for some time with its own legal systems, boarders and rights but due to legal agreements China wants to take back Hong Kong as part of China. This is a crude summary of events.
This is causing friction between Hong Kong and China and there have been violent protests for several months over the current situation. Hong Kong property market is also one of the most expensive in the world.
Due to the current climate of uncertainty and looking at the chart of the Hong Kong top 50, it looks very bearish to me.
Price has dropped out of a large descending triangle, that H+S dumping price to below the major support/resistance level. Price looks like its trying to break resistance but I think with whats going on right now it wont.
Quite simply if the price breaks resistance, holds resistance and moves up then that will make my bearish stance invalid.
But because I am bearish I am looking for weakness here. Repeated failures at resistance means the price will be going lower.
HKG33We had a very good trade on HKG33 last month, and now it's giving us another opportunity for a good risk to reward trade.
After hitting our previous target (22600) it made a double bottom pattern and broke back above the previous resistance
(23500 ish) and it seems like its holding above it and regained it as support.
this setup provides a 4R trade to take.
Go Long, strong bounce off 50MA. Buy Setup for Anta SportsGo Long if break the pink resistance line and the green line (20MA).
Technical indicators are bullish.
Hang Seng: Symmetrical Golden/ Death Cross. Long term Buy SignalHang Seng has been devastated by the recent negative geopolitical climate, reaching in August the 24,900 1W Support. The rebound that followed on 1D was rejected near the Lower High trend line (dashed) and 1D MA200 (orange line) thus keeping 1W bearish (RSI = 43.695, MACD = -309.550, Highs/Lows = -317.3100).
We have had a Death Cross formation on that bottom and interestingly enough it is symmetrical with the Golden Cross in March. Since we already tested the 1W Support there are more probabilities now to resume the uptrend and reach at least the 0.618 Fibonacci retracement level (currently at 28,200) like Hang Seng did on its 2019 top. Anything above that will be bullish towards at least 30,200 (2019 High).
If however by any chance the index dip again to the 1W Support (the 2018 bottom was at 24,500) then that would be an even stronger long term buy signal towards the 33,500 ATH.
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