Hong Kong HSI: Came out of the consolidation positively

The HSI managed to break out of the 25,000 points resistance level and stay above it and this means that the HSI has also come out of their consolidation. The HSI is currently at 25516.78 points.

The breakout of the consolidation period has a technical target of 29,000 points, if it can currently stay above 25,000 points currently. All momentum indicators are showing more strength because of the strong performance last week. Therefore, the HIS is expected to continue its upward journey in the longer term, but we may see some minor pull back once the HSI reaches the Fibonacci extension target at 27,700 points, which is the immediate resistance level. The immediate support level is at the 25,000 points level. By Benny Lee