• Hang Seng China 50 Index broke round resistance level 30000.00
• Likely to rise to resistance level 31000.00
Hang Seng China 50 Index continues to rise inside the short-term impulse wave 5 – which started earlier with the daily Bullish Engulfing from the key support level 28000.00. The index just broke the round resistance level 30000.00 – which reversed the price multiple times in the middle of January and is on its way to the next powerful resistance level 30170.00 ( top of the previous impulse wave 3 from last month).
If the index closes today above the key resistance level 30170.00 – HK50 index can be expected to rise further toward the next round resistance level 31000.00 (target price for the completion of the active impulse waves 5 and (C)). Alternatively – the index can correct down to the support level 29500.00.