Global markets

HK50 index Technical Analysis Report 30 December, 2020

  • HK50 broke strong resistance level 27000.00
  • Likely to rise to 27730.00

HK50 index recently broke above the strong resistance level 27000.00 (which stopped the previous sharp upward impulse wave 1 at the end of November as can be seen from the daily HK50 chart below). The breakout of the resistance level 27000.00 accelerated the minor impulse wave 3 of the medium-term corrective wave (C) from the end of September.

Given the strength of the active daily uptrend and the improvement in risk sentiment that can be seen across the stock markets globally  – HK50 is likely to rise further toward the next resistance level 27730.00 (target price for the completion of the active impulse wave 3).

Was this post helpful?