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Latest Hang Seng Index Forecast Amid Multiple Tailwinds

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Written By: Abdullah Sarwar
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    Summary:
  • Hang Seng Index is gaining strength after a sharp decline last week. The index gained 323 points on Monday while also attempting a breakout

The Hang Seng index opened higher on Monday after a sharp decline at the end of last week. It closed the first trading session of the week after gaining 323 points. In this way, the benchmark index not only reversed the Friday losses but also filled the gap that was left last week.

A positive sentiment gripped the Asian markets due to the cooling down inflation in the West and the announcement of support for real estate developers by the Chinese regulators.

In addition, the Chinese central bank also kept the rates constant as the members wanted to see the effect of the recent stimulus.

Consequently, the Hong Kong markets experienced a market-wide positive sentiment on Monday and the Hang Seng index closed 1.86% higher. The index is also showing a breakout which can be considered a major sign of strength.

This is the breakout from the downward trendline which can be very bullish. If the bullish momentum sustains, 18,275 could be the next target for the HSI index.

I regularly post my analysis on Asian and Western equities on Twitter, where you are welcome to follow me.

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This post was last modified on Nov 20, 2023, 13:41 GMT 13:41

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.

Published by
Written By: Abdullah Sarwar