HangSeng Market Technical View

By | April 6, 2009

The Hang Seng Index broke through 14000 and is headed for a test of the December/January highs at 15800. Breakout above 15800 would complete a wide double bottom reversal, offering a target of 21000 (calculated as 16000 + [ 16000 – 11000 ]). Twiggs Money Flow (21-Day) respecting zero from above signals buying pressure, while Twiggs Money Flow (13-Week) completed a bullish divergence, crossing above zero to indicate primary trend reversal. Respect of resistance, while less likely, would warn of another test of 11000.

Leave a Reply