Last week’s breakdown below the lower confine of a congestion zone changed the short-term neutral bias to a negative one. The HSI thereby closed below the intermediate-term uptrend line as well, raising the odds of a following significant decline. It would take a decisive recapture of the 14,200/14,300 area to negate the negative outlook and identify this recent drop as a false break and bear trap. Minor resistance is seen at 13,675 and then 14,000. Next potential downside targets and support levels are 12,439, 11,815 and 10,676.
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