Hang Seng Index Futures at Key Inflection Point, Top to Resume?
After tumbling recently, Hang Seng Futures are back to retesting a former trendline from 2020 as new resistance.
This is also around the often pivotal 61.8% Fibonacci retracement at 26078.
The near-term 20- and 50-day Simple Moving Averages (SMAs) still offer a downside bias, potentially acting as key resistance in the event prices materially push higher.
Otherwise, downtrend resumption entails clearing key support, which seems to be the 78.6% level at 24708, as the index flirts with bear market territory.
HSI1!
This is also around the often pivotal 61.8% Fibonacci retracement at 26078.
The near-term 20- and 50-day Simple Moving Averages (SMAs) still offer a downside bias, potentially acting as key resistance in the event prices materially push higher.
Otherwise, downtrend resumption entails clearing key support, which seems to be the 78.6% level at 24708, as the index flirts with bear market territory.
HSI1!