The Hong Kong HSI index may now fall to around 11,000 - 12,000Technical Analysis of The Hong Kong (Hang Seng Index):
The HSI index thus shows a weak development, and has broken out of the long-term positive trend, and a further decline is signaled for the HSI index in the future.
The HSI index has broken below an important technical support level around the 18,000 - 20,000 level, and now faces significant technical resistance up against this level.
To change the now negative technical picture that the HSI index shows, the index must manage to break above the 20,000 level and establish itself above that level.
There is now little indication that this will happen, and a further decline is signaled for the HSI index in the short and medium term.
There is limited technical support for the HSI index further down now, before down towards around the 11,000 - 12,000 level (cf. chart).
The overall technical picture for the HSI index thus signals a further sharp decline for this important stock market index in Asia, and where a further fall from today's around 17,600 points down to 11,000 - 12,000 points is signaled during the next 6-12 months.
