#HSI is bearish towards 14598. | 24 November 2023

 #SP500 weekly

#HSI is bearish towards 14598.

Technical observation

#SP500 pulled back to a supportive zone 3568.2-3505.6 several weeks ago then bounced within it and as long as it is sustained above this zone, I expect a further momentum to the upper side. If you already bought this index within the zone I have mentioned above, I recommend that you remain in the trade with your take profit at 4786.6, in case this take profit is hit and there is a clear break above it, wait for a back to the broken line before you continue long, however if there is a bounce at the same level, wait for another correction to the zone 3568.2-3505.6 to re-buy this index with your take profit still at 4786.6.

Trade recommendation

Remain bullish with #SP500 with your take profit at the level 4786.6.

#DJI30 weekly

#HSI is bearish towards 14598.

Technical observation

On the chart above, the value of #DJI30 retraced to the supportive zone 29372-28687 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 36957 and stop-loss at 26250. If there is a clear penetration above the level 36957, wait for a pullback to this line and a bounce at it before you continue long, on the other hand, if there is a bounce at the same line, wait for another correction to the zone 29372-28687 to re-buy #DJI30.

Trade recommendation

Remain long with your take profit at 36957.

#HSI weekly

#HSI is bearish towards 14598.

Technical observation

Since it bounced within the zone 22733-22312, #HSI has been trading with an increasing bearish bias and this week I anticipate a further rally to the lower side. If you sold this commodity within the zone indicated above, remain in the trade with your take profit at 14598 and stop-loss at 25352,in case of a clear break below the level 14598, wait for a retracement to the broken line before you continue short, however, should there be a rejection at the same line, wait for a correction to the zone 22733-22312 to re-sell #HSI. As it is on the weekly chart above, I can only recommend bullish positions if there is a penetration above the zone 22733-22312.

Trade recommendation

Remain short with your take profit at 14598.

Imelda Maseno
Analyst of «FreshForex» company
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