Hangseng Looking for Positive Trigger

The Hangseng Index closed up 380.61 points or 1.59% at 24,258.96 off a low of 24,150.51 and high of 24,442.07 on value turn-over of HK$ 72.66B.







The market open gapped up on back of triple digits gains from Wall Street but drift lower on afternoon trade however late buying pushed the index off its low. Notably though was the market's lukewarm reception to last night's strong gains from Dow Jones perhaps due to concerns from Shanghai market as Shanghai Index fall another 2%.


Where is Hangseng going from here? It is clearly oscillating between 38.2% and 23.6% Fibonacci Levels (measured from October '07 peak to recent trough) and today's close brought the index closer to the upper band of its' trading range. At current levels, Hangseng is looking for positive trigger that would propel the index above 25,000 key resistance level and I'm looking at the following Indices:



1.) Nikkei Index just broke-out from its' downward resistance.

2.) Shanghai Index is technically nears oversold levels.

3.) Another strong finish from Wall Street tonight.