It seems the market had made a good recovery from 20000 pt. to 20600 pt. The double top I spot last week on the daily chart has been rejected coz the HSI failed to go any lower than 20000.
3 months Daily Chart
We can see the HSI is still in a downtrend but it had definitely slow down. The HSI is forming a base between 20500 to 19500. It seems to me HSI will continue to rise in the short term especially with the help of HSBC. On the short term I am aiming at 21000.
1 year Weekly Chart
On the weekly chart, HSI has continue to consolidate around the 20000. It is still close to the 13 week and 30 week EMA. With both MA close together. It seems to me HSI is about to turn back up with a goal of 22000 pt. The consolidate around 20000 has formed a good base for HSI to move up further.
Overall I am still Bullish with the market. With the announcement of result for HSBC (5)on coming Monday 1st of March 2010, as I have said before. I am confident that the result will continue to improve. And on the 2nd of March 2010, Pacific Basin (2343) is announcing its final result as well. I am also confidence that it will be a good one. I currently had holdings of both stocks I have mentioned.
Word of the Week: Keep learning, the more you learn, the better you are in any given field. At the moment I am committed to spend 1 hour a day reading books about shares, real estate and wealth creation.
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