 Hello and welcome to the CMC Markets chart of the week video with myself David Madden, Mark Manlust and today's date is Wednesday the 13th of December and the time has just gone 12pm UK time and this week's chart of the week is the Heng Seng or as we called it here at CMC Markets the Hong Kong 50. If you take a look at the price action over the past 12 months since December last year we can see there's been a very very obvious upward trend, a class example of higher highs and higher lows and after creating a multi-year high in November just a few weeks ago we did see a fairly decent sell-off. As you can see here the market fell below the 50-day moving average which previously acted as support in early November but they managed to find support from the 100-day moving average and it's now pushing higher yet again. Could this be the beginning of an upward trend and the new creation of a higher high? That's what this video is all about. So taking a look at the price action of the last few weeks as we can see as the price was pushing lower turning our attention down here to the MACD histogram the MACD indicator we can see a fairly clear and concise decline in positive momentum as the market was initially coming off and then we saw a very steady increase in negative momentum confirming the downward move in the price but as it bounced off the 100-day moving average we did see the negative momentum declining so the selling pressure is declining so the ultimate momentum at the moment that the bulls have is actually declining so as the market's pushing higher we're seeing a drop off in negative selling pressure so we could see this could be the beginning of the market making its next leg higher potentially going on to create a higher high so as the market's pushing higher here we could potentially run into some resistance at previous support which would be one of the old lows from late November in a 29,393 and if we go beyond that the next big level to watch out for of course will be the 30,000 level up if you go north of 30,000 we will be set it will be setting fresh multi-year highs and of course should go north of 30,000 the next big level of psychological number to keep an eye on forward to the upside will of course be 31,000 moves to the downside may find support from the 50 moving average at 28,828 and south of that then at the 100 moving average at 28,228 and if we take out the October low of 28,032 that could be an indication that we're looking for head further south and we could be heading back down to this point here of 27,715 or perhaps even to the September low of 2267 and you are going to be trading the Hang Seng the Hong Kong 50 please bear in mind that tonight on the Wednesday the 13th of December at 7 p.m. not the time you do have the Federal Reserve the infrastructure station and at half 7 we will have the press conference to follow so there may be some volatility in around when the Federal Reserve are releasing their interest rate and the press conference that's all for me this week thank you very much