Tony: Founder of KhronoStock.com and KhronoStock Blog Network
Update on Heng Seng China Enterprises Index from KhronoStock contributor Joseph of TradingPoints.net.
BY TRADINGPOINTS ⋅ JULY 30, 2009 ⋅ POST A COMMENT
The HSCEI bounced from daily symmetry support into hourly Fib resistance @ 12,181, but could not muster much strength above the 1st hour high. The market spent most of its day consolidating above daily support and under the daily pivot @ 12,037, oscillating within the previous day’s trading range.
Daily Trading Signals
The following signals were generated for 31 Jul:.
An Inside Day occurs when entire daily price range falls within the price range of the previous day. Inside Days are trading sessions that mark signal indecision because neither the bulls nor the bears are able to send the price beyond the range of the previous day. If an Inside Day is found at the end of a prolonged downtrend and is located near a level of support, it can be used to signal a bullish shift in trend. Conversely, an inside day found near the end of a prolonged uptrend may suggest that the rally is getting exhausted and is likely to reverse. Breaking above the High or Low of the signal day establishes a range breakout for the day’s trading. Very useful indicator in combination with Narrow Range Trading Day signals.
Today’s daily pivot is 11,974, and the weekly pivot is 11,749. Price action above the daily pivot is bullish.
The HSCEI normal trading range is projected to be between 11,284 – 12,159.
The HSCEI extended trading range is projected to be 11,696 – 12,287.
Specific price levels and projections are discussed on the charts below.
Short term 60 Min
The 60 min charts are bearish and currently only turn bullish above 12,458. A 60 min close < 11,797 targets 11,624 and if that level is exceeded 11,486.
Daily
After reaching extended weekly & monthly Fib 1.618 projections and breaking 60 min support, prices fell to 11,732 @ initial daily symmetry support between 11,683 – 11,729. A daily close below 11,683 and larger support is found between 11,328 – 11,422.
Weekly
The weekly oscillator crossed bullish on Friday 17 Jul. Weekly symmetry support is 10,088 – 10,402. A weekly close < 10,088 argues for a larger correction to long term support @ 8,774.
Updated Hourly, Daily, Weekly charts with additional Fib support and projection levels are posted below.
Support & Resistance Levels and Daily Signals are posted in each section.
