While we thought market could be quiet ahead of holiday season, it's actually not! All the market participants still taking every minute to make money during market volatility.
Coming into December, Hang Seng Index futures surprised us with opened 295 points higher in the morning after confirmation of Chinese RMB being included in benchmark SDR currency basket.
The news reversed yesterday's downtrend, sending the market from 22098 in the morning to 22489 (391) in the afternoon. Hang Seng Index spot futures ended at 22388 (+479) on the first day of December while cash market closed up 384.93 at 22381.35.
The market had been range trading lately. Every rally is a selling opportunity while every dips in a buying opportunity. Will the range trading trend ended soon?
Looking at the chart, the resistant is daily MA100- 22831. If Dow Jones closed in positive territory plus triple digit tonight, there's a chance of Hong Kong market break up and we'll see December market rally. On the other hand, if HSI broke below 22200 again, we are afraid we'll see 22000, 21800 or lower...
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