 Hello and welcome to the CMC markets chart of the week video with myself David Madden market analyst And today's date is Wednesday the 22nd of November and the time is just approaching 12 p.m UK time and this week's chart of the week is going to be the hang saying as we call it here at CMC markets the Hong Kong 50 So the first thing you notice about the price action over the last couple of years because this chart on the daily chart here Spans back until late 2015 over that since of the last couple of years. We can see Since since early 2016 the market has been in a very clear and concise upward trend a series of higher highs and higher lows Making its way up to north of 30,000 They have the hang saying traded north of 30,000 for the first time In 10 years, so that'll give an indication of how foolish the actual market is and if you look back here in February 2016 for the market trade nearly as low as 18,000 since the low of February 2016 until now the market has gained 66% was obviously quite a considerable move and for the time being We're not seeing any signs that the bullet sentiment is running out of steam If you can assume in on the daily chart, we can get a better Indication we can see even clearer how much of a kind of obvious bullish trend the market has been kind of a series of higher Highs trading sideways through August and September pushing on to a new high in October and under fresh hot multi-year high in October Only to retrace and go on and hit another multi-year high this month Turning our attention now to the downside if we look here at the maxi indicator the maxi histogram We can see when the market was was was that was coming was that was Retreating somewhat in October. We thought there was a steady increase in the negative momentum The maxi histogram was in it's a negative territory and it was steadily increasing but then as the market underlying market turned positive in November to go on and Continued the the wider upward trend and create fresh multi-year highs We can see that the maxi histogram swung back into positive territory and now I should be positive Momentum is actually increasing and when the momentum and the price are moving in the same direction You can be more confident than move the last as the market's pushing higher Moment the rate of change momentum is pushing higher also. So the momentum is clearly with the buyers Now it is worth pointing out this candle here from yesterday with the market traded north of 31,000 Even though the cash market didn't actually trade north of 31,000 the futures market temporarily did and we had and That hasn't been any announced has been any announcements from the authorities or the exchange in Hong Kong to State any erroneous trades went through so that that trade yesterday and that candle from yesterday when it went north of 31,000 Is actually a valid candle? But as I said the move was very shortly because it appears that it was a one-off trade a very high volume That's like the futures market The currently the hang saying is trading in or just just north of 30,000 at 30,000 and 50 ish We appear to be gaining support in around the kind of 30,000 level or just south of it perhaps even down to Down to 29,935 below of today. So that area could act as support Before potentially look to move higher yet again on the hang saying It's been a clear and concise upward trend So buying the dip has been a popular strategy with some traders of the last number of months and even for the last about Two or nearly two years So looking to the upside should the upper trend continue the next big kind of psychological number to look out for to Upside will be 31,000 and if you go beyond 31,000 the next big level to watch out for beyond that Will will be the 2007 high of 31,958 But as I said if we do turn lower We may see some buyers enter the fold seeing as buying of the dip has a very popular strategy over the last number of months So if the market does make a decisive break south of say 30,000 or even turning at 9,900 we could see the market pullback towards this area here the the the lows of only yesterday at 29,280 Support also may come into play in around 28,810 which is a high from October or maybe we could even see the market potentially be traced as far back as the 28,447 which is the 50-day moving average and notice how we only only a few weeks ago earlier in November The market does have a Recent history of the 50-day moving average acting as support So we could see some buyers enter the fold should we see a pullback in the hang saying That's all from me this week. Thank you for listening and please tune in next week