Friday, August 6, 2010

Hang Seng Index: Consolidation, followed by break higher

My last post, "Resuming Upwards", called for a move up to the upper channel line. HSI did precisely that, and is now very overbought around 21700. Looking for some consolidation here, before a possible break higher to eventually target 26,400.

Initial Target & Supports

On a break above the upper channel line, initial target will be around 23000, followed potentially by 24600 & 26400. Support is now 21000. A sustained move below this level - although unlikely - will change the picture to bearish.

All the best folks!

Tuesday, August 3, 2010

S&P500 Very Short-Term: Consolidation Ahead

Last post called for upside towards 1130 on a break above downtrendline. Price has risen in a wedge, and currently facing resistance at the "right shoulder" around 1126. Looking for some consolidation here at the very least.

A break above the upper parallel line will setup further upside towards 1150 and 1172 initially. Support and Resistances as shown on the chart. All the best!