Technical forecast for Hang Seng

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Hang Seng held above strong support at 22768/645. As stated yesterday, we could exit shorts here & try longs with stops below 22600. However a break lower significantly weakens the outlook for the next support at 22417/329 & possibly 22037 this week or next.

Resistance at 22913/961 but above 23030 we meet resistance at 23218/241 which remains a tough challenge & is unlikely to be beaten with the daily chart more negative now. However if we manage a break higher today look for a test of the next resistance at 23410. Exit longs & try shorts but we need stops above 23480.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More