Hang Seng..... Counter trend underway!
Hello Traders,
by Monday`s opening HS gaped to the upside and keep rising for the rest reminder of the week!
On a daily basis it look like a (not text book like) „morning star“.
If the high at 25437 will be taken out of chart, the door is open to 26560. As I wrote before, „step-by-step“!
A break of the possible „morning star“ pattern low at 24865 would release more bearish potential. May be to 24636-24543! Note the open gap that ranges from 242399-23966 (hourly chart)!
On the broader picture, you will observe the bear market, where HS is trading at. So, any pull back of the lows, could be „counter trend“ in this market.
Note!
A drop below the support zone @ 23697 could have tremendous impact on the midterm chart picture.
Have a great Sunday.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!