Hang Seng Index (HSI): End Of Week Technicals - Bullish Continuation Or Correction To Be Started

Forum on trading, automated trading systems and testing trading strategies

Forecast for Q4'16 - levels for Hang Seng Index (HSI)

Sergey Golubev, 2016.09.29 11:53

Hang Seng Index October-December 2016 Forecast: bullish trend to be continuing or the ranging to be started?

W1 price was on breakout with the bullish reversal: the price broke Ichimoku cloud to above to be reversed from the primary bearish to the primary bullish market condition. For now, the price is located near and above Senkou Span line which is the virtual border between the primary bearish and the primary bullish trend on the chart. Descending triangle pattern was formed by the price to be crossed to below for the ranging condition to be started.

Chinkou Span line is located above the price indicating the bullish market condition, Tenkan-sen line is above Kijun-sen line for the bullish trend to be continuing, and Absolute Strength indicator is estimating the trend to be ranging as well in the future.

• If the price breaks 24,376 resistance level on close weekly bar to above so the bullish trend will be continuing.
  
• If weekly price breaks 23,207 support level on close bar to below so the reversal of the weekly price movement from the primary bullish to the ranging bearish market condition will be started.
• If weekly price breaks 20,572 support level on close bar to below so the price will be fully reversed to the primary bearish condition.
• If not so the price will be on ranging within the levels.
  

Forum on trading, automated trading systems and testing trading strategies

Press review

Sergey Golubev, 2016.10.01 10:41

Monday

• "Ford, General Motors and other U.S. automakers report their September sales figures. While sales have softened this year, the seasonally adjusted annual sales rate is still expected to top 17.6 million, according to analysts surveyed by Bloomberg. Last year, Americans bought a record-breaking 17.5 million vehicles."

Tuesday

• "Google will show off its new products."
• "U.S. Federal Reserve Bank of Richmond President Jeffrey Lacker will speak at a conference in West Virginia."
• "Darden Restaurants and Micron, which has struggled mightily due to falling demand for its memory chips, are out with earnings."
• "Vice presidential nominees Mike Pence and Tim Kaine will take the debate stage for their turn in the limelight. Presidential nominees Donald Trump and Hillary Clinton went head to head last week."

Wednesday

• "The U.S. Supreme Court, which begins its term this week, will hear arguments on an insider trading case. The decision could alter the way in which regulators define insider trading."
• "U.K. Prime Minister Theresa May will give the keynote speech at the Conservative party conference and will likely touch on Brexit."
• "Monsanto, which was just bought by Bayer for $66 billion, reports earnings in the morning. It will be followed in the afternoon by Yum, the parent company of KFC, Pizza Hut and Taco Bell."
• "The Fed’s Charles Evans and Jeffrey Lacker will speak at separate events."

Thursday

• "Some of Wall Street’s biggest names, including Jaime Dimon, James Gorman, Michael Corbat and Mohamed El-Erian, will speak at a meeting held by the Institute of International Finance that continues through Saturday.
• "The European Central Bank will release the minutes from its policy meeting in September, at which President Mario Draghi said there was no change to their monetary policy.

Friday

• "It’s time to take another pulse of the labor market. U.S. employers are expected to have added 175,000 jobs in September and the unemployment rate should be steady at 4.9%."
• "The IMF and World Bank convene their 2016 annual meeting in Washington, D.C. Among the scheduled speakers are former Treasury Secretary Tim Geithner and Bank of England Governor Mark Carney. On Sunday, IMF Managing Director Christine Lagarde will have a one-on-one conversation with financial journalist Michael Lewis, author of “The Big Short” and “Boomerang,” which will be live streamed here at 10 am ET."