Look like the HSI has continue to strengthen over the past week. It seems like the beginning of a short term up trend is going to form.
3 Months Daily Chart
On the 3 months chart, HSI has made a new high up to 21000 points and it has breakout from the resistance line at around 20500. All this is looking bullish. It has been forming a higher low and higher high. With the lowest trough at around 19500 then a higher trough at 20000. And I think 20500 will form a good support line for HSI. One more point to look at is HSI has also move above the 7 day and 30 day EMA.
1 Year Weekly Chart
The HSI has continue to form a nice base of around 20000. The HSI is resting nicely on the 13 and 30 week EMA.
In conclusion, in both short and long term, I am very bullish about the HSI with a short term target of around 22000.
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