Hang Seng Analisi Tecnica | Hang Seng Trading: 2019-03-08 | IFCM Italy
IFC Markets Online CFD Broker

Hang Seng Analisi Tecnica - Hang Seng Trading: 2019-03-08

Weak data bearish for HK50

Hong Kong’s economic growth slowed in Q4 2018 and private sector contraction continued in February. Will the HK50 continue declining?

Recent Hong-Kong economic data were weak: the economy shrank 0.3% over quarter in the last three months of 2018, the private sector contraction continued in February for eleventh straight month, however retail sales increased 6.9% over year in January after 0.1% growth in December and foreign exchange reserves increased from 432.1 billion Hong Kong dollars in January to 434.5 billion in February. At the same time latest Chinese data were negative: balance of trade surplus dropped to 4.12 billion dollars in February from 39.16 billion the previous month, with imports declining 5.2% year over year to 131.12 billion while exports fell 20.7% to 135.24 billion. China is Hong Kong’s biggest trading partner, and falling Chinese imports mean shrinking market for Hong Kong’s exports. Weak economic data are bearish for HK50.

HK50 testing Fibonacci 23.6 level 03/08/2019 Technical Analysis IFC Markets chart

On the daily timeframe the HK50: D1 has breached below the support line, and is testing the Fibonacci 23.6 support level.

  • The Parabolic indicator gives a sell signal.
  • The Donchian channel indicates downtrend: it is widening down.
  • The MACD indicator gives a bearish signal: it is above the signal line and the gap is narrowing.
  • The Stochastic oscillator is falling but has not breached into oversold zone yet.

We believe the bearish momentum will continue after the price breaches below the lower boundary of Donchian channel and Fibonacci 23.6 level at 28220.0. This level can be used as an entry point for placing a pending order to sell. The stop loss can be placed above the last fractal high at 29269.5. After placing the order, the stop loss is to be moved every day to the next fractal high, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level (29269.5) without reaching the order (28220.0), we recommend cancelling the order: the market has undergone internal changes which were not taken into account.

Technical Analysis Summary

PositionSell
Sell stop Below 28220.0
Stop loss Above 29269.5

IFCM Trading Academy - Nuova era nell'educazione Forex
Supera il tuo corso:
  • Ottieni certificato
trading academy

The best trading conditions and high-level services for our clients

We are ready to assist you on any issue 24 hours a day.

Note:
Questa panormaica è di carattere informativo-educativo e viene pubblicata gratuitamente. Tutti i dati compresi nella panoramica sono ottenuti da fonti pubbliche conosciute più o meno affidabili. Inoltre non c'è alcuna garanzia che le informazioni fornite siano precise e complete. Le panoramiche non vengono aggiornate. Tutta l'informazione in ciascuna panoramica, compresi indicatori, opinioni, grafici e o quant'altro, è fornita a scopo conoscitivo e non è un consiglio finanziario. Tutto il testo e qualsiasi delle sue parti, e anche i grafici non possono essere considerati un'offerta per effettuare un'operazione con un qualsiasi asset. IFC Markets e i suoi impiegati in alcun caso non sono responsabili per qualsiasi azione intrapresa sulla base delle informazioni contenute.

Close support
Call to Skype Call to messenger Call to telegram Call to WhatsApp Call Back