• Hang Seng 50 Index reversed from support level 29000.00
• Likely to test resistance level 29880.00
Hang Seng China 50 Index today reversed once again from the key support level 29000.00 (which has been repeatedly reversing this index from the start of February) – intersecting with the 38.2% Fibonacci correction level of the previous sharp upward impulse from December. The upward reversal from the support level 29000.00 continues the active minor corrective wave (b) from the end of February.
Given the predominant uptrend that can be seen on the daily Hang Seng China 50 Index charts – the price is likely to rise further in the active corrective wave (b) toward the next resistance level 29880.00 – standing near the round resistance barrier at 30000.00.