Wednesday | 19th September 2018

Good Day all my beloved students & steemians. Inside this daily commentary I will share the short-term technical outlook for Hang Seng Index.

  Previous commentary refer here: http://bit.ly/hangseng170918

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HANG SENG

Since last Thursday’s surge from 26015, the Hang Seng has managed to hold on to its gains despite the pullback from last Friday’s high of 27338 to yesterday’s low of 26600. 

Going into the day’s trading, this tentative rise is likely to surge higher despite the escalation in the US/China trade war. 

As noted previously, the clue that a critical bottom might be in place at 26015 is tantalizing because of the nature of last Thursday’s surge which led to the idea that the year-long decline in the Hong Kong markets may have found a bottom and a reversal could be in the works.

Also noted was that the pullback from last Friday’s high of 27338 could be a wave (2) of this reversal and a solid rebound off the demand zone at 26602 -26897 is likely to produce a surge past 27338. This it did. 

Now, what could happen going into today’s session is an extended rally towards the supply zone at 29743 - 29106. A sustained break above 29106 would all but confirms this rather bullish assessment.