Hang Seng on continuation...again....

 Well, I am back in Malaysia again this week to visit my mother. Coincidentally, my cousins from UK happens to be in town as well. It has been a long time, and it is great to see thme again.

One of my cousins even brought along his children, who are 14 and 16 years old. His son into Rugby while daughter interested in music. I still remember the first time I met them, one was only 3 and the other was one. I was 14 at the time, imagine a 14 year-old went into an argument with a 3 year-old.

My last visit to UK was 2001 and that was the last time I saw my cousins. It has been a long time since and it is great to see them again.

Meanwhile, let's talk about Hang Seng.

Fig 1. Hang Seng weekly chart

My last update on Hang Seng was about 3 weeks ago in Dow Jones, Nikkei and Hang Seng Update 6th Aug 2023. I was really uncertain about its direction then as it was sending mix signal with a strong upward bar but stopped by 55-week moving average. 

While setting up measurement on the up-side, my feel at the time was further down slide. It is all because of the 55-week moving average resistance, which I have said is a strong energy line. As can be seen from this chart, Hang Seng tested the moving average numerous times and retreated, even though it is within the congestion band.

It seems that my suspicion was right, Hang Seng went on a retreat. At the same time, it is still moving within its channel and in a congestive behavior. 

I suspect it will rebound upward after reaching the lower envelop. It is presently suppport by its retacement of 17,687 and close to reaching its projection support of 17,497. Breaking this level, the next support will be 78.6% retracement at 16,319 and 100% projection of 15,730.