Sat, Oct 23, 2021 @ 01:55 GMT
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Hong Kong HSI surges on optimism over US-China relations

Hong Kong stocks responded exceptionally well to US election results, which could an indication on optimism over US-China relations going forward. This week’s rally suggests that rise from 23124.25 is the third led of the pattern from 21139.16. Test of 26782.61 resistance should be seen next. Firm break there will confirm resumption of the whole rise from 21139.16.

Nevertheless, the price actions from 21139.26 are still rather corrective looking. Firm break of 55 week EMA would be a sign of medium term reversal. Yet, the key resistance level lies in long term channel resistance (now at around 27500). Reactions to this resistance could reflect the real development in US-China relations, after the initial honey moon period.

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