Wednesday, July 13, 2011

Hang Seng Index: Facing Tough Resistance Zones At 22890-23230

Index futures to watch: Hang Seng Index

Hang Seng Index: Facing tough resistance zones at 22890-23230

After surging to 52-week high of 24988.6 on 8 Nov 10, Hang Seng Index corrected to as low as 21508 (20 June) before ending at 21927 yesterday.

To recap, after violating the medium term uptrend line (UTL – formed since bottom of 18972 ponts in mid May 2010) support near 23500 (weekly chart), near term outlook has turned more cautious. Unless Hang Seng Index is able to regain composure above 23500, any technical rebound is likely to remain short-lived. Supports are situated at 21508 and 21000 psychological levels.

Daily HSI: Relief Rally Will Face Tough Resistance Levels At 22890 (Upper Bollinger Band) To 23230 (200-Days SMA)
Hang Seng Index 14-07-2011

Weekly Hang Seng Index: Still In Downward Consolidation Unless Index Climb Back Above The Up-Trend-Line Support
Hang Seng Index 14-07-2011a

Source: HLIB Research

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