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As my last post on the Singapore weekly stock market trends, I will start doing Hong Kong Hang Seng Index weekly stock market trends as well. Hong Kong HSI is an important index to look at as it can influence the regional Asian market pretty much.

My last post on HK HSI mentioned that HSI is trading very near to the 21,000 support level. Plus, you know what, HSI indeed touched the 21,000 and rebounded on Friday.

Alright, let’s look at the HSI chart now.

If you remember I noticed at the end July that HSI is forming an descending triangle on the weekly chart. I am seeing it forming in the daily chart now as well. Look from the high of May and then, you see the index dive, touching 21,000 support level, rebounded with a lower high and now back to the 21,000 support level.

If the descending triangle on HSI chart turns true, it will a big dive for HSI and it will be a good moment to look for candidates to short.

Looking at the indicators, MacD, ADX and RSI of Hang Seng are all showing the bearish trend formation. That’s bad, isn’t it?

This is exactly the same formation as we noticed on the Singapore weekly stock market trends. Not just that, it also such a coincidence that both Hong Kong and Singapore are the two markets in the world that have not broken the March low yet. So, likely, these 2 stock markets are the laggard and it is now their turn to perform the bungee jump.

So, the overall Hong Kong stock market trends is not looking good. Similar to the Singapore trends, I am seeing bear is winning the bull at 60:40. Breaking the ascending triangle will increase the probability of down trend to 70:30.

Trade with care!

Hong Kong Hang Seng Index Weekly Stock Market Trends

DISCLAIMER: This information is used for learning purposes only. It does not constitute an offer or solicitation to buy or sell. You should do your own analysis on top of my postings.