Hang Seng - resistance reached
I believe the Hang Seng has now reached local resistance and all the late comers trying to long Chinese equities now will get caught out.
I have closed out of most of my Chinese positions. I went long on the breakout of the descending parallel channel. Now that we have reached the golden pocket, I’m playing it cautiously. Profit has been locked and I’m using trailing stop loss on the remaining positions.
I fully expect us to take out the low one last time. Don’t ask me when, I don’t have a crystal ball. But I was one of the very few who went long months back. Now it’s time to derisk.
Not financial advice, do what’s best for you.
I have closed out of most of my Chinese positions. I went long on the breakout of the descending parallel channel. Now that we have reached the golden pocket, I’m playing it cautiously. Profit has been locked and I’m using trailing stop loss on the remaining positions.
I fully expect us to take out the low one last time. Don’t ask me when, I don’t have a crystal ball. But I was one of the very few who went long months back. Now it’s time to derisk.
Not financial advice, do what’s best for you.
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