The Hang Seng has recovered back above the key support line with a strong closing candle and follow through. There is still a lot of work to be done before position traders can buy this market for a breakout. However, shorter term traders should be looking to get long round these levels with stops below this key support. A failed breakdown is bullish
Hang Seng Daily:
The MSCI Singapore Daily is at an interesting juncture here. The market has tested the 61.8 support retrace level on several occasions and held. We are now seeing follow through to the upside and some bullish divergences are in place. It is still too early to be calling a low of any sort and the trend is down. However, certainly a base is being put in as shown on the 60min chart.
MSCI Singapore Continuous Futures Daily:
The 60mins tried to break its previous lows but failed. This is bullish and we are now seeing follow through to the upside with momentum increasing. There is an open gap at 3560/3580 and this should be strong resistance in the short term. I am looking to buy a pullback to 3520 with stops below 3500
MSCI Singapore March 60mins:
The MSCI Taiwan index is retesting the prior breakdown level. Price has failed to really gain any momentum to the upside and I think this is a great short term short with stops above 3050. A break of the short term wedge could be used as a short trigger, target back down to the prior lows. Note that in the bigger picture this could be a complete A=C trade and if there is no sell off, we must be prepared to join the trend up.
MSCI Taiwan Continuous Futures Daily:
MSCI Taiwan March 15mins:
Good luck
Austin
