Hangseng
HANG SENGHSI Hangseng index could make some new highs. It is trading between the solid red line and the solid light green light. It's a buy for long term hold as long as they respect the parallel channel in monthly chart.
HangSeng Index1st weekly target already hit, not very safe to enter now. Now is the time to wait patiently for RSI to retrace to 50 level before deciding on the next step. It is 21bars since the last MACD cross, if the retrace is deep, it might go down to meet the MACD (green circle); which I doubt so. Any thing beyond 23k is already pushing the envelope. For this chart, the best place to take profit would be RSI 70 (if it can reach). Sometimes, you refer to old charts and do not see RSI 70, this could be due to the long tails during intra candle.
Hong Kong Protests Pushing HSIndex LowerWith the two day holiday in Hong Kong starting tomorrow the white collar sect of Hong Kong will be joining the demonstrations condemning Xi Jinpings proposal to screen candidates for the 2017 leadership election. I am looking at the index heading back towards the lows of May with the 0.236 fib level likely to act as the next support.
