HSI - Technical Analysis by DB

Last week on Monday, the HSI took out resistance of the upper confine of a consolidation at 14,254. Key-resistance and next upside objective at 15,318 was cleared in Wednesday’s session. This breakout establishes an intermediate-term uptrend and confirms a double bottom. On Friday a pullback occurred. This consolidation which is still in place could extend towards gap support at 13,875 without negating the current uptrend. A decisive close below it would turn the bias neutral again. Next resistance above 15,781 is seen at 15,962 and around 16,250.