HSI weekly Review
During the previous week, Hong Kong Stock’s index rallied intensely to the lower side but failed to breakout below the daily support level 29278.23. This is both a daily level and also a weekly level, and as long as the price remains above this level, we expect the halt around 29278.25 to have marked the end of the impulsive wave (c) that any clear signal to the upper side will call for a long position with the first target at 33257.45. However, should the price break below 29278.25, then we may consider a long term short position with an ultimate target at 25495.00.
Wait for a clear buy around 29278.65.
Natural Gas review:
Natural gas is currently trading within a contracting wedge formation. Recently, natural gas bounced off from the lower supportive trend line and is still pretty much above this trend line. As long as the price remains above this trend line, we expect a possible momentum to the upper side. The anticipated bullish price rally is the continuation of the impulsive wave (c) to the upper side and should not go beyond the upper trend line. At the moment, we’re only looking for long positions, sell positions can only be recommended upon a clear rebound from the upper trend line, or on a break below the lower trend line.
We’re long towards the upper trend line.
Gold weekly Review:
Last week, Gold markets rallied intensely to the lower side but is currently approaching a key supportive trend line. We’re patiently waiting for a clear breakout below this trend line to pick a long term short position with an ultimate target at 1067.75. The Anticipated bearish price rally is the unfolding of an impulsive five wave cycle and may end up breaking below 1067.75. This view can only be invalidated in case the price break above 1348.85, if this is the case, then we’ll expect the impulsive wave (c) to continue further to the upper side with an ultimate target at 1915.15.
Sell gold markets below the lower trend line towards 1067.75.
101% Double the volume