I bought Hang Seng Index, here's why 🤔

The Olympus Academy
2022-12-09

Hello, good day traders! 👋🤙

I'm currently in a buy📈 setup for $HSI(HSI)$ , with both fundamental and technical indicators to back it up.

📰Fundamentally,

  • Hong Kong stocks are up around 3% following reports that the city is considering relaxing the Covid rule.
  • The Hang Seng index closed 3.38% higher at 19,450.23, while the Hang Seng Tech index gained 6.64%, bucking the trend in the rest of Asia-Pacific, which was weighed down by persistent recession fears

🤔On the technical front,

1.) Looking at the H4 chart, I have a bullish bias for HSI with price above the Ichimoku cloud. I have entered a buy entry at 18235.48, where the previous swing low and 50% Fibonacci line are located.

2.) My stop loss will be at 16829.00, slightly below where the 23.6% Fibonacci line and -27.2% Fibonacci expansion line intersects.

3.) I am waiting to take profit at 20696.83, which is where the 78.6% Fibonacci line is located.

Trade Entry recommendations:

Buy Entry: 18235.48📈

Take Profit: 20696.83 💲

Stop Loss: 16829.00❌


Other tickers to recommend:

For 5x Long Leverage: $HSI 5xLongSG230420(CWAW.SI)$ 

For 5x Short Leverage: ${{143e83f971db4b9dac59d435281f410d}} 

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