Overview
The PBoC announced new easing measures, including rate cuts and stock buyback funding. We also saw strong economic data, with Retail Sales and Industrial Production exceeding expectations. This may encourage dip-buyers to enter the market following last week’s decline.
Hang Seng Index – Daily Analysis
The daily chart shows a bounce around the 20K level, coinciding with the 50% Fibonacci retracement. The support zone between 20000 and 19600 is strong. Prices need to break this support for sellers to extend the drop to 18200.
Hang Seng Index – 4 Hour Analysis
The 4-hour chart shows a bounce today after the new easing measures. Buyers should target the swing level at 21635 to push for new highs, while sellers might position themselves around this level to retest the 20K support.
Hang Seng Index – 1 Hour Analysis
The 1-hour chart reveals a break above the minor downtrend line, signaling a potential shift in momentum. While the price is at today’s average daily range, buyers want to push above 20781 for new highs, whereas sellers are likely to act around these levels to return to the 20K support.
