Short or Take Profit $HSI ahead of Hong Kong Retail Sales YoYI'm reducing risk and taking a few positions off the table on the HK Market. We have a great run in the last few weeks.
Price is at the top of the channel and I cannot see much upside from here. 29,000 at max.
On Friday, it is the Hong Kong Retail Sales YoY data, I am expecting it to be negative because of the Hong Kong Protest.
Source - Trade Economic.
Hong Kong Retail Sales YoY
The volume of retail sales in Hong Kong tumbled 26.2 percent year-on-year in October 2019, following a downwardly revised 20.3 percent slump in the previous month. It was the largest annual decrease in retail trade since at least October 2005, after almost six months of violent anti-China protests. Sales declined mostly for jewellery, watches & clocks (-46.9 percent vs -44.3 percent in September); clothing & footwear (-34.2 percent vs -22.8 percent); department stores (-31.8 percent vs -25.9 percent); other consumer goods (-28.5 percent vs -19.7 percent) and food, alcoholic drinks and tobacco (-17.5 percent vs -19.5 percent). Year-to-date, retail sales shrank 10 percent compared to the same period a year ago. Retail Sales YoY in Hong Kong averaged 4.66 percent from 2005 until 2019, reaching an all time high of 30.60 percent in February of 2010 and a record low of -26.20 percent in October of 2019.
2020-01-03 08:30 AM Retail Sales YoY Nov Forecast- -23.5%
