Fake out on HK50

19 feb

Based on the daily, this is what I called a dragon twin candle. 16500 is a pretty strong resistance level. Although Hk50 been bullish the past couple days last week, it never able to push above 16500 due to lower volume, with yesterday china market reopen, it actually close back a bearish with the same little top wick. Hence, this is what I called a dragon twin candle, one bullish and one bearish candle with almost identical small top wick. I am predicting today might spike up at the beginning to grab some more liquidity and possibility retest 16,000 by the end of the day.

My overal bias: Bearish