The HSI had pull back from it recent high of 22200 to 21200 secondary to profit taking as we have suggested.
3 Months Daily Chart
The HSI has move under the 7 and 30 day EMA indicating the short term HSI is back to its value zone. It is like to attract more trader to buy at this price and it will should some support around the 21200 level. The HSI should rebound in the short term.
1 Year Weekly Chart
The HSI is resting on the 13 week EMA. On the weekly chart, it seems very obvious to me the HSI was bound to the 22000 to 20000 trading range for more than 7 months. It is really time for the HSI to break out of this range and move higher.
Overall I am bullish on both long and short term. I am waiting for the second wave of market rally which will hopefully reach the 25000 level or more.
Article by
Trading Room
www.tradingforreal.blogspot.com
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