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HSTECH is at a 52 Week High.
MAKHTECH ETF is also at 52WH, which is also its ATH.
CSI300 has broken 52WH & is at a 3 Week High, which is very close to 52WH.
What I liked most is that the drawdown has been under 5%.
If all has to go well, the indices might consolidate for another 2-3 weeks before making a move.
As long as the consolidation is tight, I am happy.
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HSTECH/CSI 300 have been flat thanks to Mr. Trump. However, he has TACO(ed) .
CSI 300 fell but took support from the 30WMA which is also close Oct24 highs.
HSTECH also fell and reversed from 30WMA & today close was at the upper half of the price range.
If the reversal is real, we should see resumption of the trend. figures crossed.
No Point discussing MAHKTECH , the liquidity is low & the price action has been wild. Ultimately it has to behave similar to the underlying Index which is HSTECH.
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Apologies for flooding the forum. Just some observations
Usually in TA, it is said the stock follows the same character both ways down & UP. Considering this.
HSTECH displayed the following characteristics way down.
Way Down-
- Moving Averages
Weekly 10/20 (SMA)
Monthly 6 (SMA) - RSI-
Weekly 30 Low
Weekly 50 High
Way up (so far)
-
RSI
Weekly 50 bottom
Weekly 80 Peak -
MA
Ideally, immediately after the consolidation breakout, the Stock would still filddle around multiple DMAs as they are converged; however, it starts respecting DMAs later.
Let’s hope it respects the 20 MA Weekly/6MA Monthly. -
The index gets highly extended from 10MA after breaking out from key support in 2 to 3 weeks.
As of now, 50 RSI weekly & 20WMA/6MMA is not far. Let’s hope it turns around.
I understand it is an Index, not a Stock. However, if you have observed so far, it has behaved just like a stock, including the movement of price.
Zoom out & you can see the Rounding Cup, almost like someone has drawn it.
Another observation has been that it seems to follow AliBaba. $BABA
Baba forms about 10% of the Index. Considering the AI theme it is safe to consider it would be one of the leader Stocks in China.
I would be keenly watching the price action of Baba.
Lastly, the MHKTECH ETF is highly illiquid. Hence no point gauging the exact point to sell.
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HSTECH is at the bottom of the channel formed after Sep 2024.
Tomorrow is the earnings day for Ali Baba followed by other heavy weights in the Index.
This week is crucial.
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Most China focused index are are multiyear high. Can HSTECH follow suite? so far the trend has been peak > rapid correction> followed by a rounding bottom consolidation> Peak.
Last Friday (up4%) & today price action (almost 1.5%) have cleared the initial consolidation range (marked in red). Can we expect another peak? Fingers crossed.
If this holds, hopefully we see one more leg up.
The big word here is “hope”, nothing can be said with certainty.