What a fluctuating market (03-11-2009 HSI analysis)

Following the news about CIT's bankruptcy, the stock market has been fluctuating so much that investors could hardly make correct predictions. At this moment, Dow Jones has gone up for about 1.19%. But I think I should focus on Hong Kong stock market first.

HSI was going down and then up and then down again for three trading days, touching the 50-day moving average twice. Together with a fibonacci projections, there would be a very strong support at around 21200. It seems like HSI could hardly drop through this point and it is more likely to rebound upwards along the uptrend channel.