• HK50 index broke resistance level 28000.00
• Likely to rise to 29200.00
HK50 index continues to rise inside the sharp upward impulse wave (C) which previously broke above the key resistance level 28000.00 (former monthly high from February). The breakout of the resistance level 28000.00 greatly accelerated the active medium-term upward impulse wave (C) – which belongs to the longer-term upward impulse sequence B from the end of September.
Given the predominant uptrend and the recent breakout of the aforementioned resistance level 28000.00 – HK50 index can be expected to rise further toward the next resistance level 29200.00 (former multi-month high from the start of 2020) – from where the index is likely to correct down.