Hang Seng – On verge of a 5 year range breakout.

Until Indian Elections the Hang Seng chart was very similar to our Nifty with multiple tops around the 24k market similar to the 6300-6400 mark on Nifty.

 

Nifty did breakout and now Hang Seng is on verge of a similar breakout.

 

Do check this earlier report on Indian Elections – Do they change market trends

 

Hang Seng Technical Chart

 

Hang Seng Breakout

 

-> Its crossed a 6 month high of 23600

-> The last major top is at 24111 in the last 1 year. A breakout beyond that would imply a 4-5 year range breakout. It can also be termed as a triangle which will have pretty big targets on confirmation.

-> This can lead to a spike of 5-8% in short term and eventually towards the highs of 2007-2008.

 

Similarly Taiwan which already gave a breakout before is about to catch further momentum

 

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