Hang Seng Index China's Covid Measures Relaxed! 📈📈📈

Hello, good day traders! 👋🤙

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📰Fundamentally,

According to a report from KGI Asia, Chinese stocks in Hong Kong are likely to rise next year thanks to a triple boost from looser Covid-19 curbs, expanding economic stimulus, and a peak in US interest rates.

In its worst-case scenario, according to the broker, the Hang Seng Index will rise to 21,100 points in 2023, with benchmark stocks costing 10.3 times corporate earnings. That suggests a gain of 8.4%. The index's best-case scenario calls for a 20% increase to 23,300 points.

Through 2023, the economy will be significantly impacted by how quickly China's pandemic measures are relaxed and how the real estate market recovers.

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🤔On the technical front,

1.) Looking at the H4 chart, I have a bullish bias for HSI with price above the Ichimoku cloud. I have already 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.

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Buy Entry: 18235.48📈

Take Profit: 20696.83 💲

Stop Loss: 16829.00❌

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