Week 20 (17th May-23rd May): Mid-Weekly Moo River Watch on Hangseng42

Greetings to all my visitors from around the world. You are warmly welcome to visit the Moo River Watch HQ, my own unique approach to technical analysis on futures trading of stock market indices, gold, currencies, nymex and VIX.

Let me point out that the weekly moo river watch will be of the highest quality of moo river watch I can produce, because when I do them over the weekend, I am at my best, mentally, physically and psychologically. Please read this midweek update with some more care, because I am quite tired after my day's work and I am psychologically involved with my own daytrading. But I will do my best for you.

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Moo river watch on Asia

Hangseng 42

Monthly

We have had a full crossing in the downstream moo river on price chart, now we have just breached the upperbank there, but there are still quite a few days left in May, a breach of the upperbank can only be confirmed if the monthly candle can stay out the downstream moo river by the end of the month. Momentum indicators are still supportive, e.g., rsi at 48.7 is not too overbought.

Weekly

This is the third candle which is staying outside and above the downstream moo river, which probably means that the bear market in Hong Kong has finished proper. On the rsi, it is stuck in a tight triangle, with potential to shape up a W or M there, very significant indeed. This is the week where we have to answer whether we are going big up or big down. All other indicators are still supportive.

Daily

We have correlated upstream moo rivers across price chart and momentum indicator charts, e.g., rsi, momentum and repulse. Bears are watching closely for any breakdowns, e.g., price dropping below 16800 and rsi below 53.

4hourly and hourly

It looks likely that we will test some downside over night in Hong Kong, 17000 or 16800, though weakness might bring out bargain hunters.

good luck, if you are trading tonight.