Hang Seng may rise to 18000 - 18500

Pivot

17000

Our preference

Long positions above 17000 with targets at 18000 & 18500 in extension.

Alternative scenario

Below 17000 look for further downside with 16450 & 16030 as targets.

Comment

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances

19150 **

18500 ***

18000 ***

17444 Last

17000 ***

16450 ***

16030 **

Number of asterisks represents the strength of support and resistance levels.