7/15 (Monday) HSI Analysis:
Last week, on 7/8, we highlighted the key support level of 17430, suggesting a potential for long positions. The market hit a low of 17376 and did not decline further.
The retest did not breach this level, and the market climbed from 17376 to 18317 last week, gaining 941 points. Congratulations to the students who profited from this setup.
How should we plan for the HSI movement this week? After a significant surge, a correction is inevitable. But where will it correct to? The Fibonacci retracement tool can be used to predict the market.
Since the market broke through the critical level of 18155, we need to see if the current uptrend is confirmed by whether the market holds during the correction.
Using Fibonacci tools, the correction range is between 17854 and 17963. There is the psychological level of 18000 within this range.
First, keep an eye on whether the 18000 level will be broken. If it holds, check if the 17963 level stabilizes before entering long positions.
For those entering short positions, pay close attention to risk control and trade based on your plan.
Remember, different platforms provide different quotes. Despite the price differences, trend analysis remains unaffected. Do not blindly follow trades; any losses will be your responsibility.
