The HSI has reach out target of 22000. It been a very bullish week despite having only three trading days.
3 Months Daily Chart
On the daily chart, the HSI has move outside the Bollinger Band, indicating increasing volatility and showing the strength of the Bull. The HSI close on Friday at around 22200 level. The HSI has lift off from the 7 and 30 day EMA. Which seemed to tell me that in the short run, the HSI is a bit overvalue on a technical basis and it is likely to meet more selling pressure from traders next week. But the HSI will regain support if it fall back to the 30 day EMA.
1 Year Weekly Chart
The HSI has breakout from the trading range of 20000 to 22000. The HSI is staying above 13 and 30 week EMA with both EMA pointing upwards. All these are longer term bullish signs. I predict the HSI should be able to reach 25000 at the end of the year.
Overall I am bullish in the longer term, in the short term I mean few days to 1-2 weeks. The HSI is going to meet some selling pressure so I don't expect the HSI to move upward a lot. For me I will continue to hold on to my long positions.
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