Technical forecast for Hang Seng – 3rd June 2013

hang

Hang Seng retested May lows at 22110/064 on Friday. Although we are oversold in the short term the outlook remains weak so there is a risk of a break lower to test support from the 200 day moving average at 21962/938. Watch for a bounce from here but a break lower could then target 21762.

Immediate resistance at 22330/380 should see us struggle but above here look for 22580/620 & a high for the day likely here with the daily chart still looking negative.

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