Since Feb 2016, there has only been 6 other instances where RSI (weekly charts) have been below 30.
5 out of the 6 instances saw a rebound at least into the next 4 bars (1 month).
Long term basis, HSI is below upward trend with decent valuations.
Sentiments remain bearish due to Ukraine war, proxy to China market (regulatory pressures) and sharp uptick of Covid cases. Barring any other further bad news, any improvements in sentiment may provide sharp rebound in the coming days.
However, low can get lower. Support levels at 19800 (or 20000 psychological number) and 18200.
** Not financial advice nor inducement to trade **
5 out of the 6 instances saw a rebound at least into the next 4 bars (1 month).
Long term basis, HSI is below upward trend with decent valuations.
Sentiments remain bearish due to Ukraine war, proxy to China market (regulatory pressures) and sharp uptick of Covid cases. Barring any other further bad news, any improvements in sentiment may provide sharp rebound in the coming days.
However, low can get lower. Support levels at 19800 (or 20000 psychological number) and 18200.
** Not financial advice nor inducement to trade **