• Hang Seng Index under bearish pressure
• Likely to reach support level 28000.00
Hang Seng Index under strong bearish pressure today after the index reversed down from the powerful round resistance level 30000.00 (former monthly high from the start of 2019) – standing well above the weekly upper Bollinger Band. The downward reversal from the resistance level 30000.00 stopped the previous sharp extended weekly upward impulse wave (3) from the end of last year.
Given the strength of the resistance level 30000.00, overbought reading on the weekly Stochastic indicator and the widespread risk appetite deterioration as is evident across the global equity markets today – Hang Seng Index is expected to fall further toward the next support level 28000.00.