markets stabilize

Hang Seng index Technical Analysis 19 October, 2021

• Hang Seng index broke resistance zone
• Likely to rise to resistance level 26500.00

Hang Seng index continues to rise after the price broke the resistance area set between the minor resistance level 25500.00 (which stopped the previous impulse wave 1 from the start of October), resistance trendline of the daily down channel from June and the 61.8% Fibonacci correction of the downward impulse 5 from the start of September. The breakout of this resistance zone accelerated both of the active impulse wave (3).

Given the improvement in risk sentiment as seen across the global equity markets today, Hang Seng index can be expected to rise further toward the next resistance level 26500.00 (target price for the completion of the active impulse wave (3), top of wave 4 from the start of September).

Was this post helpful?