Thursday, September 2, 2010

Market Open Higher (2010-09-02 HSI analysis)

HSI today opened higher to around 20,880, which forms a false breakdown on weekly chart (unless it goes back to 20,500 in the next two days).

Daily Chart:

The index keeps moving between the red uptrend and lime downtrend lines. I predict HSI would surge to around 21,000, then will be resisted by the red uptrend line and fall.

Weekly Chart:

If HSI doesn't plunge to 20,500, there is a false breakdown. This might be a bullish signal leading the a breakout of the triangle.

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