In today’s briefing:
- Nifty Index (NIFTY INDEX) Has Confirmed Multi-Month Downtrend Risk
- Hang Seng CEI (HSCEI) – High Probability Target at 9450/70 in 2023 (+20%)
Nifty Index (NIFTY INDEX) Has Confirmed Multi-Month Downtrend Risk
- At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. 1) Response to key levels. 2) Price action. 3) Momentum confirmation.
- Every recommendation requires definitive evidence of all 3 pillars to be regarded as a high probability outcome.
- The Nifty Index (NIFTY INDEX) delivered upon our 3 pillars in Nov/Dec 2022. A consecutive down month in January will be further evidence of a likely 15%-18% correction.
Hang Seng CEI (HSCEI) – High Probability Target at 9450/70 in 2023 (+20%)
- On 26 January 2023 we published our bearish multi-month Nifty Index (NIFTY INDEX) outlook. For the RV player, the Hang Seng CEI (HSCEI) is likely to present material opportunity.
- At TMA we place tremendous emphasis on momentum confirmation. Currently, LT momentum triggers confirm a sustainable multi-month to multi-quarter uptrend in the HSCEI.
- Occasionally Fibonacci retracement levels, based off different portions of a trend, coincide. These create high probability targets. 9450/70 in the HSCEI is one such high probability target in 2023.
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