Anyway, Hang Seng Index jumped last week above the trend line, but the great slump on Friday led the index to be back under the line. Let's check below.
Daily chart of HSI:
We could see that currently the index is still within the area between red down-trend and green up-trend lines. Obviously the sudden jump last week was not well supported.
Again, the green line and the horizontal area would act as support, which we could expect the index to bounce at around 22,500-22,600.
Red line should have a pretty strong resistance this time. 50-day simply moving average will help stopping HSI too.
Weekly chart of HSI:
On this chart, it is clear that the index is restricted within the area formed by red and green solid lines, even when there was long lower and upper shadows in past two weeks.
It is really hard to tell which way it would break. The only thing we know is that resistance is at around 24,500 and the support is at around 22,000 should it break out or down.
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