HK50: Ichimoku indicators analysis

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HK50: Ichimoku indicators analysis
Scenario
TimeframeWeekly
RecommendationSELL
Entry Point19600.0
Take Profit16830.0
Stop Loss20516.9
Key Levels19484.2, 19634.2, 19482.2, 19632.2
HK50: Ichimoku indicators analysis

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, both lines are directed downwards. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (19484.2). One of the previous maximums of Chikou Span line is expected to be a resistance level (19634.2).


HK50: Ichimoku indicators analysis

On the daily chart Tenkan-sen line is below Kijun-sen, both lines are directed downwards. Confirmative line Chikou Span has crossed the price chart from above, current cloud is ascending. The instrument has broken down the cloud and is still falling. One of the previous minimums of Chikou Span line is expected to be a support level (19482.2). One of the previous maximums of Chikou Span line is expected to be a resistance level (19632.2).


On the both charts the instrument is still falling. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (16830.0) and Stop Loss at the level of Kijun-sen line (20516.9).


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