Thanks to overnight Dow Jones closed +300, we manage to see Hang Seng Index went above 22000 this morning. However, profit taking came in after Hang Seng Index was up since first trading day in October. Cash market closed at 21831.62 (-22.88) while October futures contract closed at 21764 (-82), range of the day between 21682- 22149 (467). Hong Kong market was the only Asia market closed in red.
DJIA is +12 points at the moment, we think tomorrow HSI will try to test 22000 again; the downside support is at 21300, next level 21100. After months of selling pressure where 52 weeks high for HSI is at 28589, we think fund managers and investors are trying to buy for year end window dressing.
The immediate resistant for HSI we see is at 22500, the next target is at 24000. If there's no major bad news from US or China, we think this year low for HSI will remain at 20368. We will slowly collect some shares for window dressing too.
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