Weaknesses can be observed in Australia 200 (ASX200) and Hong Kong 50 (HK50) Stock Indices as of now. Now What to Expect? The question is extremely relevant in the present stock indices markets. Let’s find out the answer through this blog post.
1. Analysis of Hong Kong 50 (HK50) Stock Index:
Hong Kong 50 (HK50) Stock Index has printed a massive Bearish Engulfing Candlestick in the weekly chart as shown in the chart last week (week number 04). This week number 04’s Candlestick can be considered to be a powerful bearish reversal candle since it has engulfed the bodies of week number 52 (2019), week number 01, 02 and 03 (2020). So this weekly Candlestick has covered the last 4 weeks Candlestick’s bodies. This type of Candlestick is considered to be very strong, especially when it appears with a context of an existing resistance. This resistance can be observed at 78.6% Fibonacci retracement level as shown. The Fibonacci is drawn from week number 18’s swing high to week number 33’s swing low. When this happens (Strong Bearish Candlestick appearing at a Resistance) there can be a good probability that the price of this Hong Kong 50 (HK50) Stock Index going down.
a. The Head of the head and shoulder pattern for Australia 200 (ASX200) Stock Index was formed on 22-Jan-2020 15:00 bar at the swing high of 7,155.2 price level.
b. The Right Shoulder of the head and shoulder pattern for Australia 200 (ASX200) Stock Index was formed on 24-Jan-2020 07:00 bar at the swing high of 7,130.2 price level.
c. The Left Shoulder of the head and shoulder pattern for Australia 200 (ASX200) Stock Index was formed on 18-Jan-2020 07:00 bar at the swing high of 7,110.5 price level.
d. The neck line was drawn joining the in-between (between Head and Left Shoulder and Head and Right Shoulder) swing lows of 21-Jan-2020 11:00 bar and 23-Jan-2020 23:00 bar.
e. The last bit was to draw a vertical line from the neck line to the high of the Head and copy-paste the same vertical line on below the neck line when it was broken (i.e. price crossing below the neck line) to get the target of 6,960 as shown below:
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