Hang Seng Index

Hang Seng index witnessed a sharp rally after completing its equality level and posted a positively weekly close. In this week, the Hang Seng index has broken above the swing high and closed above the 20DMA in yesterday's indicating that the bulls now have an upper hand and minor degree wave iii has possibly started. A close above the 40DEMA, currently pegged at 22356 can push the Hang Seng index to 25032 where wave I and III will be equal. On the way down, the swing low of 21096 will be a crucial support level to watch out for.