HSI
Added 2024-02-20 11:27:51 +0000 UTCHas finished Green for the day and this ascending triangle is looking like a breakout is imminent here.
The 16600 level above is the big line for us to see crossed, this gets the HSI out of the downward channel and above the historical green line which has been in place since 1996.
"China's stocks closed up on Tuesday, rebounding from losses in early trade, after the country announced its biggest ever reduction in the benchmark mortgage rate to prop up the struggling property market and broader economy.
The blue-chip CSI300 Index 3399300 ended 0.2% higher, rising for a sixth straight session, while Hong Kong's Hang Seng benchmark 
HSI finished up 0.6%.
China's five-year loan prime rate (LPR) (CNYLPR5Y=CFXS) was lowered by 25 basis points to 3.95%, while the one-year LPR (CNYLPR1Y=CFXS) was left unchanged at 3.45%.
The cut "was the first cut in eight months, and the largest since that rate was introduced in 2019", said Andy Maynard, head of equities at China Renaissance in Hong Kong.
It's "very positive for the market", he said."
Biggest ever reduction in the benchmark mortgage rate is showing real intentions from the Policy makers that they intend to do what is needed to help the market and the economy.
Lets see if the HSI can get out of the ascending triangle first and hold.
