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Hang Seng – support held

Hang Seng today gap down to a strong classical support (see arrow). If you zoom out to a longer period, you can see from historical chart why this level is an important support as it is also a classical support all the way from Aug 2010. Going higher, I am hoping HSI will go closer to the 50 day moving average which at this moment is near 21000. Do take note that this 50 DMA is moving, so the levels will be changing as it gets closer. By then, HSI should be well-fed getting ready for slaughter. Like it or not, it is a lower low, which means selling pressure can come in at anytime. If one is to long now, just take note that you will be against the trend, therefore stay extra cautious.

Hang Seng

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