Technical Update - Hang Seng & ASX 200

Technical Update - Hang Seng & ASX 200

Equities 5 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank Group

Hang Seng has confirmed short term uptrend by closing above 20,787. Next key resistance is at around 21,587 and strong resistance at around 22,502.
RSI is still showing negative sentiment indicating this uptrend could merely just be a minor rebound that will struggle to move much higher. However, a daily RSI close above 60 will change that picture and Hang Seng would be likely to test 22,502.
A daily close below 19,890 the down trend will resume.

Source: Saxo Group

ASX 200
The short term uptrend/rebound in ASX 200 has reached Simple Moving Average congestion area around 7,300.
On top of that there seems to be three support/resistance levels around the 7,300 area where the first resistance at 7,261 was taken out Monday. Next two resistance levels are at 7,367 and 7,437. However, for now 7.300 see4ms to be too for buyers to lift the Index above  
RSI is still in negative sentiment territory and if RSI fails to close above 60 threshold the current uptrend could come to a halt.
If ASX 200 closes below 7,105 bear trend is likely to resume. First warning of that scenario to play out is if the Index closes below the rising trend line in the rebound channel

 

Source: Saxo Group

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