Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
Technical Analyst, Saxo Bank
Hang Seng closed today below key support at 20,697, just a few points above the 0.618 Fibonacci retracement at 20,399. Down trend is confirmed supported by RSI closing below 40 threshold.
Next key support at around 19,890 is likely to be tested. If a daily close below is recorded Hang Seng Is likely to test the May low at 19,178. A test of the March low at 18,235 is not unlikely. To reverse the downtrend a close above 21,962 is needed.
Hang Seng closed today below key support at 20,697, just a few points above the 0.618 Fibonacci retracement at 20,399. Down trend is confirmed supported by RSI closing below 40 threshold.
Next key support at around 19,890 is likely to be tested. If a daily close below is recorded Hang Seng Is likely to test the May low at 19,178. A test of the March low at 18,235 is not unlikely. To reverse the downtrend a close above 21,962 is needed.