The Hong Kong's Hang Seng index was up 411 points after an early run higher. It was reported that Hong Kong was planning to review Covid restrictions with speculation that there could be an easing of restrictions going forward..
Meanwhile in China, Shanghai government was to keep certain regions on lockdown for additional testing and Shanghai's Disneyland would be closed due to a Covid outbreak
Nevertheless, the Hang Seng high price today reached 21823.07 after closing on Friday at 21412.41.
The price run higher was short-lived, and the price quickly moved back down trading to a low of 21382.44. That took the index lower on the day. The index closed at 21412.41 on Friday.
Since then, the price has seen a rebound in volatile up and down trading. The current price trades up 77 points or 0.36% at 21486.33
Looking at the hourly chart, the trend move down from the February 10 high to the March 15 low took 27.21% off of the index. The correction higher last week and into today saw the price take back more than half of the move. The 50% midpoint comes in at 21643.04.
With the current price trading at 21412.41, getting back above the 50% midpoint would be more bullish technically. Staying below could see disappoint resurface as buyers turn to sellers.
On a move to the downside, traders will be eyeing the 100 hour moving average at 20985.09. The price action on Thursday and Friday trade above and below that moving average as traders pondered the idea of going higher. The intraday lows on the day however did find support near/ahead of the 38.2% retracement at 20838.85.
Going forward, if the price can stay above the 100 hour moving average, that would keep the buyers comfortable. A move below it, and the 38.2% would not be all that great.
/EURUSD
