Short term price action has formed higher highs and higher lows resulting in a breakout of the longer term downward channel,
This has been driven by recent gains off the lows of large cap stocks like Alibaba and JD. Com amongst others, may be beneficiaries if the index continues North.
Recent data out of China sounds more positive, Analysts have stopped predicting...
HI Guys, To me it looks like on monthly timeframe Hang Seng tech is bottomed up, as you can clearly see on this chart there is a clear bullish divergence on a montlhy timeframe as well as alot of index constituents are also showing bottoming formations
Script Stock Name Percentage
KYG017191142 Alibaba Group Holding Limited 10.00%
KYG875721634 ...
I will be going long on HSTECH. It has moved from 61.8% retracement with positive RSI divergence and closing marginally above 20 DMA and major resistance above 3750 area. More confirmation if closing above falling trendline. Will add above that.
Target will be swing high around 4300 and then 4800.
Hang Seng Tech
Price broke out from a long-term down-sloping channel (since 2021).
the recent price advance since Oct 2022 shows a 5-wave impulsive move.
Therefore I believe the bottom is over.
First thing first, I would like to take this opportunity to many of my followers who stayed by me all these years. You have given me the encouragement to continue writing my point of view over the last 5 years. Wow!!!
Looking back, it has been a roller coaster learning curve for me as well. For this year, I would like readers to embrace more changes ahead and...
It is tough to determine the bottom for this ETF as it lacks historical trend to back up. Using the heaviest weightage component of this ETF to benchmark , Tencent appears to have reach a double bottom.
Of course, we won't know how long this bottoming process will last, weeks, months or years..... Those who believe in Tencent fundamentals and growth story may be...
The Hang Seng Tech Index appears to be carving out a Rectangle chart pattern on the 4-hour setting.
The ceiling seems to be at 4883 with the floor at 4300.
Breaking above could open the door to extending the mid-March bounce, but that would place the focus on a long-term falling trendline from February 2021.
The latter may reorient the index lower. On the other...
Hang Seng Tech Index has likely formed a "Double Bottom" chart pattern, which is perceived as a trend-reversing indicator
The index has been consolidating for months, waiting for catalyst for a rebound
Yesterday, China's state funds shored up stock prices via open market interventions, buoying hopes that the market has bottomed out
HSI Tech reversal
$BABA showed weakness last week and again led to the complex reversal.
It seems the counter-trend rally may have come to an end.
$HSI also has a smaller degree Island Reversal as well. It should lead to some volatility here on.
With most of its components companies suffering a nosedive in prices, the index naturally is heading south too. A look at the chart reveals it is nearing its bottom and may be good for some of us who still believe in the China Tech stories.
I have mentioned previously that the regulations introduced by the Chinese Government is good for the long term of the...
- The Hang Seng Tech Index is attempting to breach the ceiling of the "Descending Channel"
- A successful breakout may open the door for further upside potential and signal a bullish trend-reversal
- an immediate resistance can be found at 8,266 - the 23.6% Fibonacci retracement
- the Hang Seng Tech Index continued to trend lower within a "Descending Channel"
- bullish MACD convergence signals upside potential if the index breaks the ceiling of the channel
- the overall trend remains bearish-biased, and further consolidation is likely in the days to come
- the center line of the channel can be viewed as an immediate support
- the Hang Seng Tech Index is challenging the ceiling of the "Descending Channel". A successful try may open the door for further gains
- Positive MACD Convergence underscores upward momentum
- A pullback from here may intensify near-term selling pressure however
- The Hang Seng Tech Index is trending lower within a "Descending Channel"
- Bullish MACD Convergence suggests that a potential breakout above the channel is likely as buying pressure accumulates
