Hang Seng: Weekly Channel Analysis
12 Jun 2023
HANG SENG WEEKLY SCENARIO
HANG SENG TECHNICAL ANALYSIS: WEEKLY CHART
In the weekly chart, Hang Seng is trading in the down channel.
Hang Seng is currently trading below 20&50 SMA.
RSI is in buying zone, which shows bullishness. Stochastic is suggesting an up trend.
Its immediate support is at 19122 & the resistance is at 19325
After a sharp decline, the price of Hang Seng on the weekly chart reversed to the upside from the 50% Fibonacci level. While it is trading at its previous week’s high. Price is currently trading at a significant resistance level; if this level is broken, we can expect further upward movement.
HANG SENG TECHNICAL ANALYSIS: DAILY CHART
In the daily chart, Hang Seng is trading in the down channel.
Hang Seng is currently trading above 5&20 SMA.
RSI is in Buying zone, which shows bullishness. Stochastic is suggesting an up trend.
Its immediate support is at 19219 & the resistance is at 19386
After dipping, the Hang Seng price is attempting to rise in the daily chart. Price is currently heading upward, has broken the previous day’s high, and is currently trading at a key resistance level; if this level is broken, then we can expect additional upward movement.