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China’s Hang Seng Index Remains Neutral

Written By: ChartChamp

November 1, 2024

Chinese stocks experienced a strong rally throughout the month of September, but have been quiet and neutral throughout October. The Hang Seng Index continues to trade below the $21.1k resistance level, and I think we can eventually see a move higher. For now $21.1k is a key resistance level that needs to break for HSI to rally higher. I think this type of price action is normal, HSI had a lot of gains in a short period of time. There needs to be some type of correction before rallying higher. It’s a bullish sign when there is sideways price movement to avoid a drop instead of a correction.

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