Technical analysis

HSI50 Wave Analysis 6 April, 2021

• HSI50 broke daily down channel

• Likely to reach resistance level 29500.00

HSI50 index recently broke the resistance trendline of the daily down channel from the middle of February  – accelerating the active intermediate impulse wave (5).

Wave (5) started earlier from the strong combined support zone surrounding the support level 28000.00 (low of the Bullish Engulfing from the end of January).

HSI50 is likely to rise further toward the next resistance level 29500.00 (top of the previous correction B from the middle of March).

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