Hang Seng Under Pressure Weighed From Wall St
July 29, 2010 09:34
Hong Kong stocks are set to open lower on Thursday after seven straight gaining sessions, though trading is likely to be choppy ahead of the expiry of July futures contracts.
Hang Seng index also to weigh from U.S. stocks after weak durable goods figures and a downbeat assessment of the economy from the Fed's Beige Book kept the benchmark S&P 500 trapped below its 200-day moving average.
As seen on 1H chart Hang Seng is corrected after failed to break above 21220 area. Falling stochastic and RSI indicating Hang Seng should continue its correction today with a break below 20830 area could trigger further bearish correction targeting 20700 area. Immediate resistance is at 21080 area, break above this area should bring price into 21220 and above that level are no trading zone as the direction should be unclear.
Resistance Level : 21080, 21220, 21330
Support Level : 20960, 20830, 20700
Expected Range : 20830 – 21220
Bias : Bearish
Hang Seng Index Charts
RELATED NEWS :
- 06/09/2010 HK Stocks Hit 1-Mth High, Shanghai Up After US Data
- 06/09/2010 U.S Data Spurs Rally Hang Seng Above 21000
- 06/09/2010 Econ Optimism Could Trigger Nikkei to Resistance 9285
- 03/09/2010 Hang Seng Seen Sluggish Capped by Resistance 20960
- 03/09/2010 HSI Likely Up; KGI Eyes Sep Target Of 22,000
- 02/09/2010 HSI +1.2%; 21,000 Cap; Esprit Slips After FY
- 02/09/2010 HSI +1.3% Midday;Ping An Shines On Resuming Trade
- 02/09/2010 Hang Seng Lead by Wall St. After Better Data
- 02/09/2010 Nikkei Potential Correction to Break Below 9000
- 01/09/2010 HK Stocks Seen Move Cautious Near 20500