 Hello and welcome to the CMC markets a chart of the week video with myself David Madden market analyst here at CMC markets Today's date is Wednesday the 21st of March 2018 and the time has just gone 12 30 GMT Half 12 p.m. UK time and this week's chart of the week is the Hang Seng as we called it here at CMC markets at the Hong Kong 50 so taking a look at the price action all the last few months we can see that the market had a very strong finish to 2017 and went on and I quite a positive start to 2018 Is a classic example of higher highs and higher lows? But the Hang Seng like other equity markets was called up in the major sell-off that began in late January early 20 Or a January early February of this year So after quite a sizable market market sell-off in February market did manage to to bounce back We had a bit of profit taking on the bounce back and we had to manage to push higher yet again Overnight the Hang Seng hit its traded just just north of 32,000 a level not seen in over six weeks It's one of the all is the only major global equity index So actually create a multi-week high considering what's going on in the wider equity market So seeing as the hang saying it's not as ratcheting of multi-week highs when other markets Are languishing it was just to me that the Hang Seng is in a far better shape in terms of correction mode and the other Global equity markets. So if the market does manage to retake the 32,000 level We could be looking at testing this this price here created in early if this high here created in early January early February rather of 32,368 if you go north of that the big psychological number to watch out for to the upside Will of course be 33,000 and if you go beyond that then the January high of 33,525 with income on the radar If you take a look at the price action in recent sessions We can see just north this price area here This just north of 31,000 has excellent support and should remain north of that level It's likely we could see continuation of the of the of the correction has been in place for the last month or so So, but if you do manage to drop below 31,000 We could look to find some funny support in at the one or two moving average this line here Which comes into play at thirty thousand three hundred and thirty notice how the one or two moving average didn't manage to actually provide support Only a few weeks ago If the market drifts south of there, and if you do manage to take out this level here 29,804 the March low if you do manage to have a break below that That could be the indication that the correction isn't it is actually is actually over and we could be looking at retesting the February low of 29,053 Well, that's all for me this week. Thank you very much