Based on the Daily chart, HSI has surged alot since end of April 2024, now we are going to check when is the next resistance, or further resistance.
Based on Fib i drew, until today, it hit R1, which was the support during Aug 2023.
Breaking R1, next resistance will be around 20240, this is a major resistance as it was the peak during Aug 2023, Jun 2023, May 2023. Seeing the RSI is 69.xx today, so expecting if reaching R2 will be exceeding 70, based on previous history, it will U turn and heading down.
HSI is still uptrending, when it retraces, and able to perform 2nd uptrend, this is the time when the bull starts.
So, just my 2 cents. Happy charting.
Based on Fib i drew, until today, it hit R1, which was the support during Aug 2023.
Breaking R1, next resistance will be around 20240, this is a major resistance as it was the peak during Aug 2023, Jun 2023, May 2023. Seeing the RSI is 69.xx today, so expecting if reaching R2 will be exceeding 70, based on previous history, it will U turn and heading down.
HSI is still uptrending, when it retraces, and able to perform 2nd uptrend, this is the time when the bull starts.
So, just my 2 cents. Happy charting.