HSI
Added 2024-08-27 10:07:52 +0000 UTCThese are the facts:
Price held on the historical green support line, which has been in place since 1996
Price pulled back from a high in May to the 0.618 Fib on the 5th of August (same day as the US market sell off)
Price is above the 200 Day MA
Price is above the 50 Day MA
Price action is moving in an impulse wave
Price is making a higher highs and higher lows.
RSI bounced at 30 and now above 50, confirming the bullish trend
MACD trending bullish and positive
$PDD sold off yesterday in the US but the HSI still finished green today
$BABA in an impulse wave
$BIDU showing signs of being at the start of an impulse wave
The HSI carries the most influence on the Chinese ADRs and the trend is clear here, unless an external catalyst that we are not aware of suddenly influences the market, then I expect the HSI to continue in this bullish trend.
