Categories: Technical analysis

HK50 Wave Analysis 5 January, 2021

• HK50 broke round resistance level 27000.00

• Likely to rise to 28000.00

HK50 index recently broke through the round resistance level 27000.00 (which stopped the previous sharp upward impulse wave 3 in November).

The breakout of the resistance level 27000.00 accelerated the active short-term impulse 5 – which then broke the weekly up channel from May.

HK50 is expected to rise further in the active impulse waves 5 and (C) toward the next resistance level 28000.00 (former monthly high from February of 2020).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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