Hong Kong index approaches low levels

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Since February, the Hong Kong 40 index has been declining in a channel down pattern. Most recently, on November 16, the stock index bounced off the upper trend line of the pattern.

During the first week of December trading, the price fluctuated sideways near the 23,500.00 level. Meanwhile, the 2020 September low level was acting as support at 23,000.00. In the meantime, the 22,520.00 level could provide support, as it did in May 2020.

A potential surge of the index might find resistance in the 50-day simple moving average near 24,800.00. Above the SMA, the upper trend line of the channel down pattern was located at.

On the other hand, a decline of the HKG index might look for support first in the 2020 September low level at 23,000.00. Afterwards, the 2020 May low level at 22,520.00 could be capable of stopping a decline.
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