Hang Seng Index riding the crashing rocket 💥📉

Hello, good day traders! 👋🤙

I'm currently in a sell📉 setup for $Hang Seng Index (800000.HK)$ , with both fundamental and technical indicators to back it up.

📰Fundamentally,

Hong Kong stocks slide for fifth day as China faces near-record Covid-19 cases in blow to policy-pivot market bulls

Covid-19 cases on Monday approached their highest daily tally on record in mainland China in a blow to market bulls betting on an imminent reopening of the economy

Stocks reported fifth day of losses, their longest losing run in a month

🤔On the technical front,

1.) Looking at the H4 chart, I have a bearish bias for HSI. Price has tapped into my sell entry at 18235.48, where the previous swing low was located. Still awaiting for price to reach take profit.

2.) My stop loss will be at 19492.06, which is where the 61.8% Fibonacci line is located.

3.) My take profit point will be at 16447.53, where the 23.6% Fibonacci line and -27.2% Fibonacci expansion line intersects.

Trade Entry recommendations:

Sell Entry: 18235.48📉

Take Profit: 16447.53 💲

Stop Loss: 19492.06❌

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Other tickers to recommend:

For 5x Long Leverage: $HSI 5xLongSG230420 (CWAW.SG)$

For 5x Short Leverage: $HSI 7xShortSG230920 (CZBW.SG)$