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Hang Seng HSI

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: ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
TVC:HSILong
by InvestingScope
1
Be still......Yes, so I saw the sea of red across the global stock market, commodities, cryptocurrencies and futures as well. For those who saw it coming and shorted the HSI, congratulations. If you are long on HSI, like me, fret not and panic not. Apparently, it is due to the pneumonia flu that is happening in China and is spreading to other countries. And this is also exacerbated by Moody rating agency downgrading HK debt citing government inertia to control the ongoing protests. Now, it looks like the selling seems to have taper down and may goes further south tomorrow or the day after to 27,564 level. At this level, I expect a rebound. Like Sars that happened in 2003, the most affected industries would be the inbound and outbound tourism. However, due to the upcoming Spring Festival Holidays and millions of Chinese would be returning to their homeland (eg. those working in Tier 1 may return to Tier 2 or 3 and those abroad may return back to China) to have a yearly reunion with their family members. In this aspect, I doubt the tour business would be severely affected. China is now doing all that it can to help contain the virus and hep allay public fears by napping those who spread fake news online, creating unnecessary anxiety to the public. So, I would be awaiting tomorrow to see an opportunity to get in to HSI and many HK/China stocks that have fallen 1-5% today. Trade safely, always use a SL, apply risk and capital management appropriately and adopt a positive mindset in trading and investment. GBU>
TVC:HSILong
by dchua1969
2