Thursday, December 29, 2016

HSI Hong Kong Hang Seng Index Daily Chart; Downward-Sloping Channel; Hang Seng is in a -10% Correction

The accepted technical definition of a correction is a negative -10% pullback in a stock or index. A bear market is a -20% off the top. The Hang Seng peaked in September at 24400 intraday and 24115 for a closing price. The 21960 and 21704 levels correspond to -10% moves off these high levels. The HSI dropped under 21500 a couple days ago.

The HSI was up overnight now at 21791. The downward-sloping channel is in play. Price is bouncing off the bottom rail right now. Price is trying to use the support from July as a springboard. If this fails, the HSI will seek the 21200-21300 support. Hong Kong property stocks have been taken to the shed out back and beaten creating the gloominess in the Hang Seng. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

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