Hang Seng Index Very Short-Term: Resuming Upwards

Since the bounce off the lower parallel channel, HSI went vertical and then consolidated in a 1000-point range. In the last session, price gapped above the congestion, setting up a resumption of the move upwards for the very short-term. Have a look at the closeup of the HSI daily chart.

We can expect a move towards 21000 initially, then stiff resistance around 21500 (or where the upper trendline is). An eventual break above the upper channel line, will result in a medium-term bullish setup.

Refer to this last post for the big picture. Meanwhile, Shanghai is on track towards 2700, with a stumble or two at 2600.