Thursday, 5 September 2019
The Hong Kong Hang Seng Index: 5 September 2019, Thursday
5 September 2019, Thursday
(Click on Technical Chart above to Expand)
Attached is the Updated Technicals for the Hong Kong Hang Seng Index. While most of the naive herd was confidently shorting away and bearish with conviction because they witnessed the brunt of the protests, the burning petrol bombs and the violence, the markets were operating against the majority busy absorbing the sells and shorts. It was in tune with my analyses that one should not look to short nor be bearish because the markets are often not WYSIWYG. Instead the markets engaged in massive re-accumulation as illustrated by the large ascending triangle in light orange and red. The ascending triangle has been broken upwards and is doing backtest of the resistance-turned-support currently at 26226-26429 points. The momentum in blue is the set-up brewed to wipe out the shorts. Bullish. For instance, as analysed earlier, China Taiping Insurance was already showing strong signs and was already a buy.