• HSI50 reversed from support level 28000.00
• Likely to reach resistance level 29500.00
HSI50 index continues to rise inside the sharp upward impulse wave (5) which started earlier with the daily candlesticks reversal pattern Morning Star from the key support level 28000.00 (which has been reversing the price from the end of January), intersecting with the lower daily Bollinger Band and 61.8% Fibonacci correction of the upward impulse 5 from December.
Given the persistent uptrend that can be seen on the daily and the weekly HSI50 charts and the latest better than expected economic data release from China – the index is likely to rise further toward the next resistance level 29500.00 (which has been reversing the previous corrections (iv), (a) and B).
