On the 4-hour chart of the Hang Seng, the Tenkan-sen line is above the Kijun-sen, with the red line pointing upward while the blue line remains horizontal. The Chikou Span line is above the price chart, and the current cloud has an upward slope. The price has corrected to the Tenkan-sen line, with the next support level being a previous low of the Chikou Span at 18808.4. The Kijun-sen line serves as the next resistance at 18206.8.
Daily Chart:
On the daily chart, the Tenkan-sen line is also above the Kijun-sen. The red line is sloping downward while the blue line remains horizontal. The Chikou Span line is above the price chart, with the current cloud indicating an upward trend. The price is trading above the Tenkan-sen and Kijun-sen lines, suggesting the upward movement continues. The next support level is a previous low of the Chikou Span at 18813.0, and the Tenkan-sen line serves as the next resistance at 18203.6.
Recommendation:
My recommendation is to open long positions at the current price, targeting the previous high of the Chikou Span line at 18808.4 and placing a Stop Loss at the Kijun-sen line at 18206.8.
Scenario:
Recommendation: BUY
Entry Point: 18513.2
Take Profit: 18808.4
Stop Loss: 18206.8