Hang Seng China 50 Technical Analysis Report 05 January, 2021

  • Hang Seng China 50 broke the key resistance level 27000.00
  • Likely to rise to 28000.00

Hang Seng China 50 Index continues to rise after the price broke sharply above the key resistance level 27000.00 (former monthly high from November – which stopped the previous minor impulse wave 3, as can be seen from the daily Hang Seng China 50 Index chart below). The breakout of this resistance level created the accelerated the active minor impulse wave 5 – which belongs to the sharp intermediate impulse wave (C) from the end of September.

Given the clear daily uptrend and the rise in the risk sentiment after China’s central bank lifted its official yuan midpoint by the most since 2005, Hang Seng China 50 is likely to rise further toward the next resistance level 28000.00.

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