Hong Kong HSI follows global stocks higher as it’s back from lunar new year holiday. It’s up 1.8% or 543 pts at the time of writing. For the near term outlook will stay bullish as long as the lower side of the gap at 29828.61 holds. Current up trend from 21139.26 should target 161.8% projection of 21139.26 to 26782.61 from 23124.25 at 32255.19 next.
As for the medium term, outlook will stay bullish as long as 28259.73 support holds. Corrective pattern from 33484.07 should have completed with three waves down to 21139.26. Considering the strong up side momentum as seen in weekly MACD, current rise is likely be resuming the long term up trend. We’re tentatively putting 100% projection of 18278.80 to 33484.07 from 21139.26 at 36344.53 as next medium term target.
