The market did received some support from the 19000 level and the HSI has remain steady just above the 20000 level. So far since OCT 2009, the market had been moving side way, which is not going anywhere at all.
3 month Daily Chart
HSI has rebound from the lower border of the Bollinger Band and has move side way for the last week between the 20000 and 20500 level. Other way to say it is the HSI is consolidating. Both the 7 and 30 day EMA is down. The current 3 months trend is not clear.
1 Year Weekly Chart
There is a potential for double bottom to be forming but it will need the HSI to rally and close somewhere around 20800 level to confirm it. But my feeling on the weekly chart is the market is likely to go lower in the short term.
Overall, I am more prone to bearish in the short term but the long term is still bullish.
Article by Trading Room
www.tradingforreal.blogspot.com
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