The HSI has been moving sideway last week. With the open on Monday and the close on Friday at around 21000 to 21100 level. Which means it hasn't really moved at all.
3 Months Daily Chart
The HSI test support level at around 20500 and receive good support from that level. With HSI ending at the level of 7 and 30 days EMA. HSI is likely to continue its upward move on this coming week.
1 Year Weekly Chart
HSI has tested the support level provided by the 30 week EMA. With HSI staying above both 13 and 30 weeks EMA.
Overall, both short and long term I am still bullish. The market is having a bit of a correction after a bullish run. It is taking a break before it is going to move to a higher level.
Article by
Trading Room
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