Note On Charts: It’s imperative to your trading success that you are trading with a broker that offers ‘New York Close Forex Charts‘, (a true 5 day chart that aligns with the New York Close).
Chart Commentary Disclaimer: Nial’s views on the Charts is not advice or a recommendation to trade or invest, it is educational and general information only. Don’t blindly buy and sell the markets/products discussed in this newsletter, do your own research and be aware of the risks and rewards.
Hang Seng Index (Hong Kong) – Bullish Fakey Setup Triggers Move Higher
Relevant Key Levels: Support: 24815 and 25340 to 25440 area. Resistance: 27380, 27640, 28000, and 29000.
Price Action: The Bullish Fakey Pattern we discussed in our weekly update has triggered this week.
Current Notes: Price appears to be headed back up to fill the large price gap left previously at 27640. The market has started moving sideways above long term support at 24800 after a recent bear market.
Potential Trade Idea: We will continue to consider buying after a price action buy signal (eg: Fakey Setup or Pin Bar signal), whilst price remains contained above the 24800 to 25340 support area. Upside targets 27380 initially, then potentially 27640 (gap-fill target).
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