back to 1997 levels double topMay seems crazy but it looks like HK is heading back to a time before it handed over.
HKG33 trade ideas
HKG33HKG33 has been trading in a massive range between 24500 and 23500 since April, last week it failed to hold the lower range as support and broke the range to the downside with massive volume.
now it's back to the previous support zone which should act as resistant now. also atm its showing weakness at the resistance. it provides a good risk to reward and easy to manage trade to take.
Hang Seng : One Country - One System (log chart long term)Given recent newsflow I wanted to look into Hang Seng HK equities index - feels like that the zone just below 22,000 is critical long term - a break below would be extremely bearish. Together with the general reliance on what is a rigged real estate market I think it is one of the most fragile indices out there.
Shorting HSI nowsee chart
The political scene of HK has taken on a new level.
Protests will get more violent as anger, frustrations and this time, we could see China coming in more aggressive than before to contain this protest.
This does not bode well for the HK economy.............
indice HSI analysisHi friends
the graph of this index over a period of one day shows that there is a high probability that it will experience an uptrend
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Watch these lines of defenceThe 1325.60 points or 5.48% plunge for HSI last Friday was devastating.
Bulls are bleeding and Bears are laughing all the way to the bank..........
Next few weeks are going to be crucial and I think China has to "firewalk" carefully this time.
With Covid1-19 , it is facing a lot of pressures from many countries wanting an independent survey to be conducted on the source of Covid-19.
It's massive unemployment is another big headache that it has to take care of. Now, with this mess, Hong Kong is facing a lot of challenges.
Chart wise, we can see that it is nearing the next two levels of support. Once, it breaks down 22,400 (roughly), we are heading south , man. There will be no turning back.
If you have not short, please do not chase price as a 4 digit plunge is not ordinary and the market might retrace fiercely next week before it decides what to do next. Or , another gap down, who knows.....
Be cautious, this is not the time to play hero..
High probable reversalI took this reversal trade with 4 confirmations
1 : Price was moving sideways around this area of support
2 : RSI was below 30 indicating oversold
3: Price was rejected by lower bollinger bands
4:Hammer candlestick on weekly chart
HK33HKD Retrace Expected (A Long then Short plan if you dare) otherwise wait it out and follow the trend.
Seems like the 1st intra-wave of the bigger 5th wave down has rejected the previously drawn Support on our charts (temporarily). *Link to previous chart is attached.
Could it be the start of a retrace (ie wave 2)?
If it is, a good entry for a further short at 23,580 level area (in line with Fib50 and some resistance areas)
A further entry could be at the FIB61.8 area (blue and green lines) which lie stronger resistances including the POC levels.
Expecting the downward intra-wave 3 of the larger 5th wave to Hit our previous TP1 target as it now is in confluence with FIB ext 161.8.
** Of course this is only assuming that a retrace happens from here!!
Which is The Hang Seng 50 Going? (HSI) WAVE 5 Down!!!
Hang Seng China 50 Index is a pan-China stock market index to represent the top 50 China-based companies in the stock exchanges of Hong Kong, Shanghai and Shenzhen, which covers A share (shares circulated in mainland China), H share (shares circulated in Hong Kong from the mainland China incorporated company), Red Chip (shares circulated in Hong Kong from the companies incorporated outside mainland China with state-owned background) and P Chip (shares circulated in Hong Kong from the companies with private background)
HSI: GloomyToday I don't want to talk any technique analysis on HSI, I just would like to say something else——the Fundamental Situation.
What make HK one of the largest finance centers in the world?
Freedom and Rule of Law.
Because of this, it can be as a window for the mainland to the world.
If freedom and rule of law are eroded, all will gone.
Now the gloom is deepening in this land.
What will happen next?
Where should he go next?
How can he do next?
It is critical but difficult to reply.
Before the dawn comes, it will become darker.
With a heavy heart, I just offer my best wishes to this beautiful land.
May God bless the pearl!
Long live the Pearl of the Orient!
Hang Seng...Bears take control!Hello Traders,
Hang Seng gaped to the downside today, opened Friday`s session with a huge 524 point gap! The indication for a change of trend is true and probably a „breakaway-gap“ which occurs at the start of a move! The critical level to watch in the coming days is @ 24528.9, the high on May 21 (blue arrow)!
Indicator`s on a daily timeframe past their „zero-lines“ and moved into negative areas (daily).
It is not unusual that after such massive drops, markets react to the opposite side of the gap, meaning short term buyers should move to the trading floor and scalp a bit! But it is not required.
As long as the level of 24528 is valid, the focus is on the downside with much more bearish potential!
A move above the range of the wave „z“ high at 24855 on May 29 is necessary and makes a new validation necessary.
Have a great weekend....
ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
HANG SENG SHORT TRADE PLAN UPDATEFollowing my Hang Seng short trade plan that was posted on May 18th, currently we can see HSI slump -5.56% after NPC announced the impose of the "CCP" law. manage your trade properly.
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Traders! if you like my ideas and do take the same trade, please write it in comment so we can manage the trade together.
Disclaimer
the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
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Thank you for your support!
HK33 - Short. Its time.The rollover is in motion. Possibly a last ditch fakeout coming, but will not change this. Started taking positions. The sink is coming soon.
HANG SENG SHORT TRADE PLANStill with Hang Seng trade plan that i was posted on May 12th, we can see sellers step in after price trading at the daily based area, while Hong Kong remain under uncertainty economically and socially i will still see the index under pressure.
_________________________________________________________________________________________________________________________________________
Traders! if you like my ideas and do take the same trade, please write it in comment so we can manage the trade together.
Disclaimer
the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
_________________________________________________________________________________________________________________________________________
Thank you for your support!
Hang Seng..A series of gap`s to the downside!Hello Traders,
Hang Seng topped on May 11 @ 24766 and declined since within a row of gaps to the downside. This decline is a „five-down“ and indicates a change of trend. As long as the level of 24766 is valid, the focus is on the downside.
Gap`s did not occur randomly, they occur a the start, in the middle, and at the end of a trend. So the gap down, which occurred on May 12 is just the start of a longer correction.
If the low @ 23671 is a wave ((5)), the move since is part of a countertrend that should correct into a 0.5-0.618 Fibonacci zone of the decline that starts on May 11. This would be around 24218-24348 area. At 24320 a wave „4“ is to observe.
Today`s countertrend is not a clear „three-up“, but it could be the first leg of it. Note how price advanced above the declining trendline (red) and closed above that level.
Waves „2“ of any degree like to retrace a 0.5-0618-0786 Fibonacci of the first leg down/up and make traders believe, that the bulls are back. It often coincides with an overwhelming level of optimism.
The opposite of the message is true!
If Hang Seng should move into the range as mentioned, traders should look for reversal-candles and /or overbought indicators and also for overwhelming optimism.
I will update the chart in the coming hours.
Have a great week...
ruebennase
Feel free to ask or comment.
Any trading `cause of this analyze is at your own risk.
HSI SHORT TRADE IDEA UPDATEFollowing my Hang Seng trade plan that was posted on May 12th, we can see sellers step in after price trading at the daily based area, while Hong Kong remain under uncertainty economically and socially i will still see the index under pressure.
_________________________________________________________________________________________________________________________________________
Traders! if you like my ideas and do take the same trade, please write it in comment so we can manage the trade together.
Disclaimer
the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
_________________________________________________________________________________________________________________________________________
Thank you for your support!
HK33HKD OANDA Sell coming upElliot corrective wave 4 seems to look like a bearish pennant in the making.
Price move for wave 5 could be in confluence with Fib50 /Fib 61.8 retracement and some major resistance.
Big move downwards should nearing.
TP1 can be placed at previous lows (at (3))
