The HSI had been located in a short-term consolidation around the centre line of the Bollinger Bands for seven sessions. In Monday’s trading, the index took out resistance of the upper confine of the consolidation at 14,254. Key-resistance and next upside objective at 15,318 was cleared in yesterday’s session. This breakout establishes an intermediate-term uptrend and confirms a double bottom. Next resistance is seen at current levels, at 15,962 and around 16,250. Next significant support is located at 13,875. A pullback towards this level should be taken into account. Only a violation on a closing basis would negate the short-term uptrend and indicate choppy sideways action.
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