Hang Seng.....Hammer candle plays out!Hello Traders,
Hang Seng has made a low at 27505 on March 25 and has risen since ~ 1200 points. This move is not a clear impulse, but as long as this low is valid my view is focused on higher price on a shorthand!
At the 30-minute chart you will observe the rising trend line, blue that has been touched 3-times in at last week's trading. The more often a trend line was touched, as higher is the acceptance of the one by markets participants.
But what caught my eye is the fact, that there have been 3 long „bear“ candles labeled with 1-2-3. These bearish attacks occur at the mid-term trend line that connects the low on September 25 and October 30! Maybe some traders have no interest to see HS above that levels?
What does it mean for short term traders?
I like to see a „break“ of the high's at 29101 and 29152 on an hourly basis at minimum! Strong volume to the upside would strengthen the bullish view.
On the downside a break of the possible wave ((iv)) low could bring more bearish view into play.
Have a great Sunday....
Ruebennase
Feel free to ask anytime!
Trading this analysis is at your own risk!
