15-19/8 weekly Playbook
Overall,
HSI remains cautious until heavy-weighted names earnings release. Therefore, I expect HSI will continue tight range bound between Monday and Wednesday. Of note, I want to see how the price reacts around the 2H belt as it entered the belt. Price scenario:
Open/bid above 20078-096, build up time/volume, would test these 20230s area and see if the sellers are still there. If we do manage to break higher, would tgt 20500 and 20633 along the way. 192-230 would be reasonable targets for longs.
If this 20230s area fails, then can revert all the way lower and test 19455. [Look above and fail]
Open/offer below 20000, want to test 19873/842/825. Below this we’re more than likely going to tgt this 760-600 weekly low volume area where I expect responsive buying. On the way lower would look at 549/519/440 for support.
Depending on the action, if I dont see strong reaction from sellers prior to hitting this 760-600 area, I think we can bounce and test 20167 and 20236.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.