This is daily chart of HangSeng Futures. Bearish sentiment is still dominating with small improvement. Resistance is found at area of 16330. No significant signs of correction completion.
This is daily chart of SIMSC. Directional analysis shows that bearish sentiment is still dominating but with low ADX value which indicates low trend strength. Bullish sentiment is at low but starts ticking up.
Moving average analysis wise, short term trend is still staying below long term trend , however, it starts ticking up from bottom as well. Market sentiment is still negative with slight improvement is observed.
From price action, as shown in the chart, SIMSCI is still moving within the recent downtrend channel. However, it has reached upper channel band.
These observations give me a feeling of short term rally is on its way while it is too early to conclude current correction is completed and uptrend will resume.
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