ASX 200 looks overbought support zones 5520-5400
Asx 200 index this week closed with loss at 5589. Asx price trend and momentum is stills strong bullish but index is trading in overbought position so to me upside looks limited while downside is wide open. For December, asx major swing target was 5680 but current topped out price pattern suggest downside for index in next week and targets of 5520 and then 5400. 5400 level I most important level, if weekly closing happen below it then it will mean fresh downtrend and sharp selloff for this market.
Nikkei 225 achieved target 19170 next is 20000
Hang Seng hit sell swing target of 22100 now looks oversold
Hang Seng Index this week closed at 22020 with heavy loss. This week we almost saw 900 points drop in this index from top. Hang Seng Index price trend and momentum both are bearish and on downside my first swing target was 22100 and now next target is 21400 but current price pattern as well indicators levels suggesting oversold market and expect strong bounce back in next week. On reversal above 22k expect upside target for Hang Seng Index at 22680.
Weak SSE Composite Index hit target 3135 now time to buy
closed at 3122 with heavy loss. From top we saw almost 150 points drop in this week means almost 5% losses for this Chinese stock index in this week. and target was 3135 which got achieved in this week and another breakdown was seen below support of 3135 and swing low of 3100. Below 3135, SSE next major support as well as target is at 3020. But current price as well as indicators pattern suggest bottomed out stage and upside for this index in next week. On upside 3135 and then 3220 as target zones.