Since Jan 08 lost over 35, however, no respite for the bulls, yet.
See the inlaid weekly chart. Last few weeks, the index is moving in a tight range of 21k-23k. Now, the long term support line is being violated on the downside. We would therefore still expect the continuation of the down trend.
Immediately a move below 21k & then 20.6k would seal the fate of the Index for the medium term. On the upside, firm close above 22k is what required, for the bulls, to regain control over the market, at least for the medium term.
August 18, 2008
Bears in total control...
Hang Seng 21160
Negative < 21992, Stop 22253
Since Jan 08 lost over 35, however, no respite for the bulls, yet.
See the inlaid weekly chart. Last few weeks, the index is moving in a tight range of 21k-23k. Now, the long term support line is being violated on the downside. We would therefore still expect the continuation of the down trend.
Immediately a move below 21k & then 20.6k would seal the fate of the Index for the medium term. On the upside, firm close above 22k is what required, for the bulls, to regain control over the market, at least for the medium term.
Since Jan 08 lost over 35, however, no respite for the bulls, yet.
See the inlaid weekly chart. Last few weeks, the index is moving in a tight range of 21k-23k. Now, the long term support line is being violated on the downside. We would therefore still expect the continuation of the down trend.
Immediately a move below 21k & then 20.6k would seal the fate of the Index for the medium term. On the upside, firm close above 22k is what required, for the bulls, to regain control over the market, at least for the medium term.
