bullish
Hang Seng Index, Hang Seng Tech Index, AIA, Tencent, and China Resource Land
SUMMARY
- The announcement of easing most Covid restrictions resulted in a new rally high, but the close was below at least the previous two-day open/closes, making it an outside day reversal pattern.
- This note highlights the reversal patterns in HSI, HSTECH, AIA, and Tencent. These have some of the cleanest reversal patterns.
- In real estate, SOEs like China Resource Land [-11.75% from 30th November intraday peak] and China Overseas Land [-9.7% from 29th intraday peak] reversed before the China Mainland Property index [6th December], a reflection of a short squeeze as a crucial driver of sector rally. Longfor peaked on 6th December and is down 17% after a 276% rally.
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