• HSI 50 reversed from support level 22680.00
• Likely to rise to resistance level 23500.00
HSI 50 index recently reversed up from the pivotal support level 22680.00 (previous monthly low from December) intersecting with the lower daily Bollinger Band.
The upward reversal from the support level 22680.00 runs counter to the strong daily downtrend.
Given the strong bullish divergence on the daily Stochastic indicator – HSI 50 index can be expected to rise further toward the next resistance level 23500.00.