Hang Seng index is approaching its resistance at 29416.2 (61.8% Fibonacci extension , 38.2% Fibonacci retracement , horizontal swing high resistance) where it is expected to reverse down to its support at 28788.6 (61.8% Fibonacci extension , 61.8% Fibonacci retracement , horizontal overlap support). Ichimoku cloud also shows a corresponding reversal is expected. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.