HANG SENG INDEX - WEEKLY
Long Term Trend (36 Months): Neutral
Friday’s close: (ASIA): 22,723.45
UPDATE: Nearly eleven weeks ago the HS traded up to 24,450.
At that time we highlighted: “24,890 represents resistance at our proprietary up-trend line (see chart), and the high posted two weeks prior to that might represent the highest the Index trades for some time - should that resistance point hold”.
Subsequently, that region held its resistance and to date, prices remain well under that region.
Key support is 21,340.00, and as of the last two weeks some buying has placed the HS well above that point.