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I bought Hang Seng Index, here's why ๐ค
Hello, good day traders! ๐๐ค
I'm currently in aย buy๐ย setup for ๏ปฟ๏ปฟ $Hang Seng Index (800000.HK)$ย , with both fundamental and technical indicators to back it up.
๐ฐFundamentally,
Hong Kong stocks are up around 3% following reports that the city is considering relaxing the Covid rule.
The Hang Seng index closed 3.38% higher at 19,450.23, while the Hang Seng Tech index gained 6.64%, bucking the trend in the rest of Asia-Pacific, which was weighed down by persistent recession fears
โ
๐คOn the technical front,
1.) Looking at the H4 chart, I have a bullish bias for HSI with price above the Ichimoku cloud. I have entered a buy entry at 18235.48, where the previous swing low and 50% Fibonacci line are located.
2.) My stop loss will be at 16829.00, slightly below where the 23.6% Fibonacci line and -27.2% Fibonacci expansion line intersects.
3.) I am waiting to take profit at 20696.83, which is where the 78.6% Fibonacci line is located.
โ
Trade Entry recommendations:
Buy Entry: 18235.48๐
Take Profit: 20696.83 ๐ฒ
Stop Loss: 16829.00โ
Other tickers to recommend:
๏ปฟ
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