SGTI (STI) and HK50 (HSI) weekly charts – exercise caution
Exercise caution with Straits Times Index and Hang Seng Index which are both painting potential reversal chart patterns on weekly time frame. I am using CFD charts from IG’s MT4 platform.
SGTI (Straits Times Index potential triple top)
SGTI is IG’s CFD contract for the Straits Times Index. This chart is setting up for a potential triple top now. With the weekly candle this week (not over yet) and the last two, we can see from price action where exactly market is taking resistance from. Note the purple shaded zone.
HK50 (HSI descending triangle against historical resistance)
HK50 could be a descending triangle. Monthly chart below with reference to Subprime high back in 2007 provides context for current action i.e. resisted.
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