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Remain short with #HSI

Remain short with #HSI | 07 July 2023

 #HSI weekly

Remain short with #HSI

Technical observation

The value of the index on the chart above has been declining steadily for several weeks now and this week I expect it to plunge even further. If you sold a bounce within the zone 22713-22263, I recommend that you remain bearish and pick you profits at the level 14752 with your stop-loss at 25218. In case of a clear break below the level 14752 with a big red candle, wait for a correction to the broken line and a bounce at it before you continue short with, on the other hand, if there is a clear break above the zone pick bullish positions towards the level 31096 after a correction to the broken line followed by a rejection within it.

Trade recommendation

Remain short with your take profit at 14752.

#SP500 weekly

Remain short with #HSI

Technical observation

#SP500 pulled back to the supportive zone 3582.0-3516.3 then bounced within it and since then it has been trading with an increasing bullish bias, this week I expect a further surge to the upper side and in case you are already holding bullish positions, I recommend that you remain in the trade with your take profit at 4785.2 and stop-loss at 3192.8. In case of a breach above the level 4785.2 with a big green candle, wait for a correction to the broken and a rejection at it before you continue long, on weekly chart above, as long as the value of #SP500 is sustained above the zone 3582.0-3516.3, only long positions look ideal and can be recommended.

Trade recommendation

Remain long with your take profit at 4785.2.

#FTSE weekly

Remain short with #HSI

Technical observation

On the chart above the value of #FTSE rose to the resistance level 8042.1 but could not break above it, instead it bounced at the same level and since then it has been trading with an increasing bearish bias, this downwards movement is a correction to the supportive zone 6796.0-6721.7 and I expect a possible rejection within this zone followed by a surge to the upper side. My Advice, remain neutral and wait for a correction to the zone I have mentioned above then buy a bounce within it with your take profit at 8042.1 and stop-loss at 6310.6. A further surge to the upper side can be expected in case of a break above the level 8042.1.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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