Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing.
This is a reversal of the price action on the previous hour, in which price moved up.
Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
Out of the 14 instruments in the equity indices asset class, hang seng ended up ranking 4th for the day in terms of price change relative to the day prior.
For additional context, note that price has gone up 15 out of the past 30 days.
Traders will also want to note, though, that a counter trend — meaning a trend going down — can be seen on the 30 day timeframe.
It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe.
This is the 2nd consecutive hour hang seng has seen its price head up.
Relative to other instruments in the equity indices asset class, hang seng ranked 13th since the day prior in terms of percentage price change.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.