HSI – Weekly Take 28/07/08 – 01/08/08
July 27, 2008
Daily view of HSI
Just thinking ahead if….
1. The index will rally cross 24,000 this week. 24,000 could be a very strong resistance area, and if breach, a technical run to cover a previous gap down from 24,318.
2. OR will we see a rundown for the index this week? If the index gaps down tomorrow below 22,400, we’ll find good coins shorting it with protective stops. Fibonacci retracement targets are: 22,187, 21,914, and following that we might see another selldown taking us close to 21,000 and below.
3. For me personally, I’m still getting the hang of trading indices through HSI, so weekly I’ll be posting my projections and monitoring them closely. I like it for the fact that it has more volatility than most other Asian indices, so the daily wide channel offers a good profit range and probability for trading it.
For educational purposes only, I take no responsibility for your own trades.
August 15, 2008 at 2:04 am
[...] As reviewed weeks earlier, 21000 is a pivotal support for HSI. The next week would be interesting to watch if HSI will break this support and go under. [...]