The Hang Seng Red Session II - Technical

Learn Stocks : The main Hang Seng Index observed to move in the negative territory in trading Friday, (22/3) since there is a sell-off in the number of blue-chip investors on the stock exchange of Hong Kong.

Recorded PetroChina shares fell by 2.1%, and Foxconn International Holdings Ltd.. fallen to 2.4%, after a record of poor earnings reports. Taipan banks such as HSBC Holdings PLC which has a significant presence in Europe, also fell 1.4% on fears the Cyprus problem.

Until well into the second session, the Hang Seng index appeared to be depressed in the negative territory due Stochastic and Moving Average indicator tenured 1 hour (H1) including MACD unconditioned down trend that is now consolidated.

Bearish conditions will continue to push the index up to an important support level at 22000. Broke level it would Hang Seng will continue to slip into the next support up to 21,920 or even 21,800.

While the index appeared to be difficult to build a rally, but at least when it managed to penetrate to the level of 22 145, Hang Seng may continue to rally towards 22 250 to 22 390.