HONG KONG and CHINA
China and Hong Kong listed equities had a strong performance over the past week. Hang Seng index rebounded from its 200 day average and the lower boundary of its possible 8 month-long upward trend channel. China SSE Composite index resumed higher trading above its 200 day average after clearing the horizontal resistance at 3,100 levels. Both Hang Seng index and China SSE Composite index can help emerging markets to gain strength in the coming weeks.
SSE COMPOSITE INDEX weekly scale price chart
HANG SENG INDEX weekly scale price chart
A new chart pattern breakout signal is triggered with a strong weekly close on the Hong Kong listed SHUN TAK HOLDING. Price chart of the stock completed a year-long text book H&S bottom. White long candlestick on the weekly scale chart not only cleared the year-long horizontal resistance but also recorded a high volume adding to the strength of the weekly scale breakout. H&S bottom chart pattern price target stands at 3.35 levels. A stop-loss is placed at 2.70 levels, slightly below the horizontal resistance (neckline). Tech Charts twitter followers can find all past breakout signals under the hashtag #TECHCHARTSALERT
SHUN TAK HOLDING weekly scale price chart
SHUN TAK HOLDING daily scale price chart
Two stock charts are preparing for a long-term change in trend. Both names are in the Tech Charts watchlist. Breakout on these securities will trigger a chart pattern breakout signal and will be considered for possible long trades. Tech Charts twitter followers can find stocks that are in the watchlist under the hashtag #TECHCHARTSWATCHLIST China Galaxy Securities is a financial company listed in Hong Kong. The stock price is forming a year-long ascending triangle with the strong horizontal resistance standing at 8.10 levels. Breakout above 8.10 can confirm the ascending triangle as a reversal and suggest higher levels. Kingston Financial is also listed in Hong Kong. Stock price is challenging the upper boundary of a year-long symmetrical triangle. Breakout above 3.75 levels can start a new uptrend.
CGS weekly scale price chart
KINGSTON FINANCIAL weekly scale price chart
